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New Zealand dollar stays under pressure from the AUD

Written by Sam Coxhead on December 9th, 2011.      0 comments

This pair has seen further sideways trading in what is becoming a familiar range. The news in Australia was mixed with stronger than expected growth but a weakening jobs market. The RBA gave the market the .25% cut to the cash rate and given that it was well priced by the market, it had little impact on the currency. The .7550 level (AUDNZD 1.3250), remains the key NZD support level for the time being. Current levels represent good value buying of NZD with AUD. Odds on that we will see the NZD take back lost ground soon, but timing remains the key. The interest rate differentials are closing between the two economies, and this is NZD supportive.
 
The current interbank midrate is:                                                            NZDAUD .7597                                   AUDNZD              1.3163
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7549 - .7627                    AUDNZD              1.1.3111 - 1.3247
 

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