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The EUR nudges higher against the NZ dollar

Written by Sam Coxhead on March 30th, 2012.      0 comments

4:50 PM (NZT) This pairing has been relatively stable this week. The EUR has outperformed a little , and mostly due to the likely completion of an extensive “firewall” against further debt crisis in Europe. There has been little in the way of material economic data in either economy this week, and for NZ this dull trend feeds through to next. In Europe the European Central Bank decision is the key to next week. The statement accompanying their unchanged decision will be very closely monitored. Given the increasingly negative global sentiment of late, expect the pressure to remain on the NZD in the short term at least. The .6100(1.6400) remains the key level in the short term, consolidation through this level would open up the way for another leg lower for the NZD, and further move these pairings back towards more historically average levels.
 
The current interbank midrate is:                                                            NZDEUR .6135                                      EURNZD 1.6299
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6115 - .6182                EURNZD 1.6176 – 1.6353
 

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