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Safety demand sees the YEN push the NZD back down towards crucial levels

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

5:20 PM (NZT) This week has seen a steady decline in the value of the NZ dollar against the YEN. As the general market risk aversion increased, so to did the pressure from the strengthening YEN on the NZD. The European situation is the perfect storm for this pair to move lower. The YEN remains the safe haven currency of choice and the NZ dollar remains very much a barometer for growth, and hence why the pair is so clearly impacted.  At current levels we are close to some reasonably pivotal levels and this will make for interesting weeks ahead for this pair. It can be said current levels represent good value buying of NZD with YEN from a historical perspective, albeit it not at the extremes the pair can travel to.
 
The current interbank midrate is:                                                            NZDYEN 60.32                       
                                                               
The interbank range so far this week to date has been:                 NZDYEN 59.98 – 62.38               
 

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