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NZ dollar remains high against the EURO

Written by Sam Coxhead on March 2nd, 2012.      0 comments

4.33PM (NZT) The NZD started the week close to its low against the EURO, of the recent six week range. The ECB release of the results of their longer term funding operations (LTRO) has done little to support the EURO. At times the price action has been puzzling. The EURO has been unable to make ground when indicators would normally have pointed towards strength. The obvious explanation is that there still remains a high level of uncertainty surrounding Europe. As the financial risks have lessened, the political tensions have increased. Hopefully over time the stronger fundamental position that Europe now has, will be expressed in its exchange rate. Both the RBNZ and ECB release monetary policy decisions next week on Thursday and Friday respectively. No changes are expected but as usual, the accompanying statements will be closely monitored.
 
The current interbank midrate is:                                                            NZDEUR .6295                               EURNZD 1.5885
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6192 - .6306                EURNZD 1.5857 - 1.6150
 

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