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The EURO keeps the pressure on the NZ dollar throughout the week.

Written by Sam Coxhead on November 18th, 2011.      0 comments

4:09 PM (NZT) After starting the week on a positive note thanks to the passed austerity 2012 budget in Italy last weekend, the NZD again came under pressure from the EURO as the week has worn on. The irony continues, as the primary driver of the NZD weakness has been the European debt market inspired, risk aversion. As the risk aversion increased, the NZD weakness increased. Not helping matter was the maturing of the Nov 2011 NZ Govt bond to the tune of 8.8 billion NZD.  The pair has stablised around current levels .5630 (1.7760) and the progress from here will certainly proved harder fought for the EURO. Sharp bounces in the NZD remain a possibility after such a sustained run of risk aversion. Expect the volatility to remain in the short term atleast.
 
The current interbank midrate is:                                                            NZDEUR .5633                              EURNZD 1.7752
                                                               
The interbank range so far this week to date has been:                 NZDEUR .5618 - .5740                EURNZD 1.7422  – 1.7799
 

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