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The EURO drags the NZ dollar back higher against the USD.

Written by Sam Coxhead on July 27th, 2012.      0 comments

2:31 PM (NZT) Risk aversion permeated throughout the financial markets for most of the week ahead of Thursday. This saw the NZ dollar under pressure from the US dollar. The RBNZ statement saw a few investors expecting more “dovish” comments to reverse sold NZD positions, and provide some much needed NZD demand. Overnight came the weeks real boost for all growth assets, including the NZD. The ECB comments stablised sentiment and have seen a scramble to cover sold EURO positions, drag the NZ dollar higher. The strong support at .7800 was confirmed earlier in the week, and now resistance at .8050 is likely to be tested. Consolidation through .8050 would indicate further appreciation form the NZ dollar. A US focus will dominate next week. The FED’s monetary policy decision on Wednesday comes ahead of the employment numbers on Friday.
 
The current interbank midrate is:                                                            NZDUSD .8001  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .7805 - .8033
 
Topics: NZD USD
 

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