4:40 PM (NZT) The NZD saw some initial demand against the US dollar to start the week. Then came the risk aversion, that saw pressure on stock markets and this in turn fed through to the growth currencies such as the NZ dollar. Equity markets regained some lost ground in the offshore session yesterday, and this saw the NZD demand return, and has kept the pair in its tightly contained range. Looking forward, if we see further US dollar demand and concerns about global growth increase, expect initial support to come in at the .8100 level, consolidation through this level will enable further appreciation from the US dollar. An upside surprise in the official Chinese manufacturing data due for release over the weekend, would see the market buy Australian dollars and this would drag the NZD higher as well. The focus next week remains in the US, with a lack of local NZ data on the calendar. Manufacturing and services data early in the week, is followed by the all important employment data on Friday. In the meantime, expect the range trading trend to continue, with .8100/.8300 likely to contain the price action.
 
The current interbank midrate is:                                                            NZDUSD .8180  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .8112 - .8264