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NZD remains surprisingly under pressure against the YEN.

Written by Sam Coxhead on April 27th, 2012.      0 comments

6:06 PM (NZT) The NZD fell away to start the week as the equity markets saw early pressure. But better earnings results in the US equity markets from the likes of Apple , Boeing and Caterpillar saw the markets sentiment partially recover and the fortunes of the NZD with it. The benign threat of easier monetary policy from the RBNZ saw a little weakness back into the NZD overnight, but this will not have been helped by the downgrade of Spain by S&P. Today’s BOJ expansion of the QE program saw an immediate fall in the YEN , but the move was short lived with over half of the losses recovered already. Next week the focus comes from NZ and the employment numbers on Thursday. Expect the range trading to continue within the recent 65.50/.67.50 range, albeit with a little downside bias.
 
The current interbank midrate is:                                                            NZDYEN 65.90                              
                                                               
The interbank range so far this week to date has been:                 NZDYEN 65.57 – 66.82               
 

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