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The AUD places further pressure on the NZ dollar.

Written by Sam Coxhead on August 10th, 2012.      0 comments

2:09 PM (NZT) This week has seen the Australian dollar grind higher against the NZD. Demand for the NZD was undermined early in the week as NZ Prime Minister  made a verbal intervention with comments on Bloomberg about the NZ dollars vulnerability and the effect on the NZD’s strength on New Zealand economic growth. The RBA unchanged monetary policy decision and quarterly statement were largely as expected. Yesterdays employment numbers in Australia and NZ were of complete contrast, with the NZ number again disappointing. This has placed further pressure on the NZ dollar and it is pushing down again towards levels that offer good value buying with Australian dollars. It seems likely that neither cash rate will be under pressure to change at anytime soon. Over time we should see the NZ regain this week’s lost ground, and push back through the .7730 (1.2940) level which offers the NZD an initial target. Next week there is little of significant economic focus in Australia, and just the 2nd quarter retail sales numbers maintain the focus in New Zealand on Tuesday.
The current interbank midrate is:                                                            NZDAUD .7673                           AUDNZD 1.3033
The interbank range so far this week to date has been:                 NZDAUD .7656 - .7768             AUDNZD  1.2873 - 1.3062
Topics: NZD AUD