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The AUD is still outperforming the NZ dollar

Written by Sam Coxhead on October 20th, 2011.      0 comments

1:15 PM (NZT) In the absence of top tier economic data in either economy, the NZDAUD pairing has been relatively quiet this week. The AUD has outperformed, but more in a kind of grinding appreciation manner, as opposed to any sharp gains. Consolidation below .7800 (above AUDNZD 1.2820), has seen the AUD maintain its pressure as anticipated. Further direction from current levels will come from data next week, and overall market appetite for risk, stemming from the EU summit this weekend. If we see a sharp increase in risk aversion, the NZ dollar should take back a little lost ground. This is because we would expect the AUDUSD to get hit harder than the NZDUSD, and any “risk off”, market selloff. Of note is the slightly lower than expected Chinese GDP number, has had limited impact in the AUD’s performance so far. From a technical perspective, a break through the .7700 level (above AUDNZD 1.3000), would open up the way for further strengthening of the AUD.
 
The current interbank midrate price is:       .7750                     (AUDNZD            1.2903)   
                                                               
The interbank range so far this week to date has been .7722 - .779  (AUDNZD  1.2828 – 1.2950)
 

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