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NZD makes some ground on the YEN

Written by Sam Coxhead on December 23rd, 2011.      0 comments

11:35 AM (NZT) After a hesitant start to the week the NZD has seen grinding appreciation against the YEN as the wider market appetite for risk has increased. The increased risk appetite has been driven by a couple of different factors. The economic data has been more positive than expected this week, with good news coming from the UK, Europe and the US. This combined with a sharp exit of risk aversion trades has produces this move. The low levels of liquidity are also a factor and has accentuated the move. Expect some solid resistance to come in at 61.50 if the move continues through into the last week of the year.
 
The current interbank midrate is:                                                            NZDYEN 60.43                              
                                                               
The interbank range so far this week to date has been:                 NZDYEN 58.82 – 60.57               
 

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