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The Canadian dollar fights back against the NZD

Written by Sam Coxhead on March 9th, 2012.      0 comments

12.28 PM (NZT) The CAD had continued its recent pressure on the NZD this week, albeit with somewhat less momentum. The initial pressure came after downward revisions of the Chinese growth expectations for 2012. But as the equity markets stablised and turned positive, the NZD staged a small recovery. Helping the NZD counter a dovish RBNZ assessment, were rumours of further lending market stimulation from Chinese authorities, and a more positive outlook for progress on the Greek debt swap. But overall the pressure should remain on the NZD. If the CAD can push it down through the support at .8100, it opens up the way for another leg lower.
 
The current interbank midrate is:                                                            NZDCAD .8155                              
                                                               
The interbank range so far this week to date has been:                 NZDCAD .8095 - .8237              
 

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