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The AUD manages to contain the NZ dollar

Written by Sam Coxhead on February 17th, 2012.      0 comments

5:23 PM (NZT) The NZD dollar started the week with upward momentum against the AUD and looked poised to consolidate through the crucial NZDAUD .7800 level (down through AUDNZD 1.2820). The better than expected NZ retails sales numbers were enough to crack it through, and for the NZDAUD to set new four months highs (AUDNZD four month lows). However, yesterdays strong Australian employment numbers saw the AUD fight back, and again the pairing has pushed back into familiar territory. Looking forward, direction should be dictated the cash rate differentials. With this in mind, the upcoming data will be closely watched, and in Australian in particular. Expect the recent tight ranges to continue in the short term.
 
The current interbank midrate is:                                                            NZDAUD .7763                           AUDNZD 1.2880
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7724 - .7813             AUDNZD  1.2799 - 1.2947
 

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