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NZD under pressure from the CAD as double whammy pushes NZD lower

Written by Sam Coxhead on November 11th, 2011.      0 comments

5:19 PM (NZT) The NZD has constantly given up ground throughout the course of this week. The fall had not been dramatic, but more in a grinding fashion. The double whammy of increasing risk aversion in the wider market, and being driven by events in Europe, and the rising oil price on Iran issues, eased the way for the CAD to apply the pressure. Looking to next week the lead will again come predominantly from the external leads. In addition to those leads, the NZ retail sales numbers on Monday and Canadian inflation numbers on Friday will be closely watched. A consolidated break down through the .7900 level opens up the way for a move back towards more historically average levels.
 
The current interbank midrate is:                                                            NZDCAD .7906                            
                                                               
The interbank range so far this week to date has been:                 NZDCAD .7884 - .8124              
 

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