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NZ GDP growth does little for the NZD against the AUD in the pre-Christmas markets

Written by Sam Coxhead on December 22nd, 2011.      0 comments

1:10 PM (NZT) This week has seen a continuation of the recent trend of pressure being placed on the NZD by the AUD. With little in the way of major economic data in either economy, it has been curious price action. Evidence of stop-loss buying of AUD has again been reasonably plain to see. Last night’s bounce back in favour of the NZD will come of welcomed relief to those looking to buy AUD with NZ dollars. NZ GDP next Thursday looks to be the key to this pair in the short term. A better than expected number should see the NZD back in demand, and the pair move back towards more historically average levels, especially considering the interest rate differentials between the two countries are closing. Current levels still represent very good value buying of NZD with AUD. For those looking to buy AUD, patience remains the key if you have time on your side.
 
The current interbank midrate is:                                                            NZDAUD .7594                               AUDNZD 1.3168
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7523 - .7595                 AUDNZD 1.3167 – 1.3293
 

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