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Risk aversion sees the NZ dollar against the USD

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

5:15 PM (NZT) This pair started the week with some fairly stable price action. But as the situation in Europe escalated with Italy coming under further pressure the wider market risk aversion saw the NZD under some considerable pressure from the US dollar. The crucial support level between .7720 and .7700 remains the key in the short term. Consolidation down through that level opens the way up for another leg lower for the NZD. Next week the focus in NZ will be the retail sales number on Monday. In the US retail sales on Tuesday, inflation numbers Wednesday and manufacturing numbers on Thursday will be closely watched. Overall it is likely that the wider market appetite for risk, being driven predominantly by Europe, will provide the bulk of the lead for this pair in the short term.
 
The current interbank midrate is:                                                     NZDUSD .7760
                                                                                             
The interbank range so far this week to date has been:                 NZDUSD .7729 - .7998              
 

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