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Range trading for the NZD against the EURO.

Written by Sam Coxhead on May 11th, 2012.      0 comments

5:21 PM (NZT) This pairing has been about the battle of the weakening currencies throughout the course of this week. With both currencies under pressure the range has been relatively small. Given the ground the NZD has lost over the previous few weeks, current level offer reasonably good value buying of EURO. Should the NZ interest rate market correct further in the coming week back towards a stable cash rate, the NZD should find some natural support, with .6100 (1.6400) presenting the first hurdle for NZD appreciation. The .6000 (1.6667) level remains the key should any further NZD weakness eventuate. The economic data is somewhat secondary to the financial and political news in the short term.
 
The current interbank midrate is:                                                            NZDEUR .6064                              EURNZD 1.6491
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6040 - .6108                EURNZD 1.6372 – 1.6556
Topics: NZ Dollar NZD EURO EUR
 

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