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Small range for the NZDUSD pair this week.

Written by Sam Coxhead on October 12th, 2012.      0 comments

12:33 PM (NZT) This week has seen a very contained range for this pair so far. The contained sideways trading comes in line with the current forces at play of a slowing global growth picture, but the increased central bank monetary stimulation. There has started to be talk of the incoming RBNZ Governor Wheelers potential influence on NZ monetary policy. With lower expectations for important trading partners in Asia and Australia, there may be a case for easing of New Zealand 2.50% cash rate at some stage, and this would undoubtedly undermine demand for the NZ dollar. It is too early to start to see evidence of this being built into market pricing, but it is something that should be kept in mind in the coming months. Further strong weekly employment claims numbers in the US have been balanced by the shadow of the fiscal cliff issue to be dealt with by whoever wins the US election on Nov 6th. The market may see further sideways price action in the coming weeks ahead of the election result, especially if the numbers in Asia continue to be mixed.
The current interbank midrate is:                                                            NZDUSD .8161  
The interbank range so far this week to date has been:                 NZDUSD .8138 - .8242
Topics: NZD USD