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The AUD outperforms the NZD this week.

Written by Sam Coxhead on October 13th, 2011.      0 comments

2:55 PM (NZT) The AUD has continued its recent outperformance of the New Zealand dollar as, global risk aversion has surprisingly continued to subside. The AUD performance has pushed the NZD down towards the lower end if its familiar range around .7800 (AUDNZD 1.2820). So long as we do not see a consolidation of the NZD through these lower levels, the current level represents reasonable value buying of NZD with AUD. Aiding the AUD strength has been the reductions of the expected cuts to the cash rate from the Reserve Bank of Australia in the coming months. One thing that should be kept in mind, is the recent credit down grade of NZ sovereign debt. This has made it easier for the AUD to outperform of late, and will perhaps make NZD appreciation not quite as easy a path going forward.
 
The current interbank price is:.7803                     (AUDNZD1.2816)
                                                               
The interbank range on the week to date has been:.7779 - .7884       (AUDNZD 1.2684 - 1.2855)
 

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