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The battered NZ dollar bounces back against the USD.

Written by Sam Coxhead on March 16th, 2012.      0 comments

11:15 AM (NZT) The US dollar resurgence put real pressure on the NZ dollar mid week. The move was driven by a number of different factors, but the move higher in US interest rates was the biggest. The overnight offshore session saw profit taking and the USD gave up the majority of its gains. Tonight’s inflation number in the US is the next crucial reading. Forgetting the effect of higher oil prices, if the inflation number is higher than expected, the US dollar will again see renewed demand. Overall the trend towards a stronger US dollar remains in place for the short term. Lower growth expectations in Asia are adding to the lower demand for the NZ dollar. The .8000 level remains the crucial support level in the short term, a break of that level would open up the way for yet further strength for the US dollar.
 
The current interbank midrate is:                                                            NZDUSD .8195  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .8055 - .8246
 

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