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Pressure on the NZDUSD pair.

Written by Sam Coxhead on November 16th, 2012.      0 comments

12:35 PM (NZT) This week the NZ dollar initially took back some of last week’s lost ground against the US dollar. But the weak NZ retail sales numbers saw immediate pressure return to the NZD and the pair was pushed down to what has emerged as stubborn support at the .8080 level. The pair has continued to bounce along that support, in the face of a stronger US dollar on other pairings. Certainly the foreign exchange market does not appear as convinced of the RBNZ  further easing the cash rate, as the interest rate market does. However, it seems likely that demand will continue for the US dollar in the near term, and this should see the NZD remain under pressure. Consolidation through .8080 would see the .8000-20 level become the target. Any NZ dollar weakness should be cushioned by demand that has been on the side lines whilst the pair has traded at higher levels over the recent months, so a sharp move lower should not be expected.
The current interbank midrate is:                                                  NZDUSD .8103 
The interbank range so far this week to date has been:                 NZDUSD .8074 - .8207
Topics: NZD USD