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Seemingly productive EU summit on Greece sees the EURO rally and general "risk on" tone

Written by Sam Coxhead on July 22nd, 2011.      0 comments

3:45 PM (NZT) The EU summit on the Greek bailout extension and debt plan seems to have been positive and the markets have reacted accordingly. Whilst not finalised the released headlines read well and the EURO gained in offshore tradenagainst all the major currencies, but most against the US dollar.

The US situation looks to be more tenuous, will no ageement on the raising of the Federal debt ceiling as yet. Furthering fears are talks of a top level Treasury and Federal Reserve meeting on friday, which would have to be set around organising contingency plans should an agreement not be found at this late hour.

The NZD and AUD also have made up considerable ground against the USD in the last 24 hours. The NZD setting new post float highs at .8642 and the AUD broke through the top of its recent 1.0800 resistance.

The NZD has seen a little pressure through the session in the Australasian timezone in what looks to be profit taking after a week of very strong gains.

Next Thursday remains the focus for the NZD with the RBNZ cash rate announcement. It appears that the October meeting is now fully priced for a 25pt hike in the cash rate, with a small chance of a move being priced in September. Expect the cash rate to be at 3.0% atleast by the end of the year.

    Last 24 hours trade
  Current level Low High
NZD/USD 0.8614 0.8544 0.8642
AUD/USD 1.0841 1.0690 1.0841
NZD/AUD 0.7943 0.7913 0.7993
AUD/NZD 1.2590 1.2511 1.2637
NZD/GBP 0.5284 0.5261 0.5306
NZD/EUR 0.5987 0.5961 0.6046
NZD/YEN 67.70 67.26 67.86
NZD/CAD 0.8140 0.8088 0.8166