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More range trading for the NZD to AUD pairing.

Written by Sam Coxhead on June 7th, 2012.      0 comments

3:46 PM (NZT) This pair continues to trade within its recently familiar range. The cut of just 25pts from the RBA gave the AUD its initial boost. That boost has been backed up but the very solid Q1 GDP result and today’s very solid employment report. On the NZD positive ledger is the strong bounce back in the latest Fonterra auction prices , that the international investors watch so closely. With the better than expected Australian data the NZD will again have hard work ahead of itself to push back towards more historically average levels, even given the latent demand in the market. None the less a unchanged RBNZ cash rate decision next week should highlight the contracting cash rate differentials, and this is certainly in the NZ dollars favour overtime. The accompanying statement with the RBNZ decision will be the primary focus of next week for the pair.
 
The current interbank midrate is:                                                            NZDAUD .7740                            AUDNZD 1.2920
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7715 - .7798             AUDNZD  1.2824 - 1.2962
Topics: AUD, NZD
 

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