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Small range for the Australian & NZ dollar pairing.

Written by Sam Coxhead on June 29th, 2012.      0 comments

3:39 PM (NZT) It has been a relatively quiet and calm week for this pairing. The foreign exchange markets have been in a holding pattern for the most part and there has been little in the way of top level domestic economic data to push this pairing from its small range. It is however just pushed down towards the crucial initial support level of .7830 (1.2770) and could be explained by some position squaring as we head into the weekend and the RBA monetary policy decision on Tuesday. No change is expected from the RBA , but expect that markets could be illiquid either side of the weekend because of the ongoing EU summit. Expect further range trading from this pair in the absence of a surprise from the RBA.
 
The current interbank midrate is:                                                            NZDAUD .7833                            AUDNZD 1.2766
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7830 - .7887             AUDNZD  1.2679 - 1.2771
 

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