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NZ dollar struggle to make higher ground against the USD

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

4:30 PM (NZT) This pair remains in what has become familiar territory. The NZD did try pushing higher following the ECB’s long term lending operations (LTRO), but it could not consolidate through resistance at .8420. The real market moving information of the week for the pair was FED chairman Bernanke’s semi-annual testimony on monetary policy. It now seems unlikely that there will be any further QE in the near term. Interest rates in the US have increased already. This should be US dollar supportive, as the interest rate differentials between NZ and the US contract. Expect further range trading for this pair around current levels, with consolidation above the .8450 less likely with each failed attempt.
 
The current interbank midrate is:                                                            NZDUSD .8385
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .8318 - .8471
 

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