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NZD under real pressure from the US dollar.

Written by Sam Coxhead on May 4th, 2012.      0 comments

6:30 PM (NZT) Since start of the week the NZ dollar was under pressure from the USD. The trend accelerated following the unemployment numbers yesterday, and the NZD will likely be the worst performing currency this week. The performance is surprising given the RBNZ will not have its unchanged monetary policy stance altered by that employment number, and will  likely continue to remain on hold for 2012 at least. The price action does point to built up selling pressure forcing other selling. Next week will be very interesting to see if the US dollar is able to maintain the pressure, especially is the US employment number tonight is weak. If we see further NZD weakness expect further support at .7950 initially. It is likely that further US gains will be harder fought from current levels, should they eventuate.
 
The current interbank midrate is:                                                            NZDUSD .8015  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .7983 - .8239
 

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