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The EURO sees demand against the NZ dollar.

Written by Sam Coxhead on August 24th, 2012.      0 comments

6:15 PM (NZT) The EURO saw periods of strong demand this week. The demand has been driven by exiting of “sold EURO” positions and may potentially continue in the short term. The weaker Chinese economic data also contributed to the NZD underperformance. The next couple of weeks loom large in the EURO’s future. The upcoming ECB meeting and subsequent EU leaders meeting should pave the way for some kind of path through the current debt crisis. But the market has been disappointed by progress before and this means that potentially volatile times lie ahead. It does feel like the NZD could be in the midst of a corrective move lower against the EURO in the short term at least.
 
The current interbank midrate is:                                                            NZDEUR .6476                              EURNZD 1.5442
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6459 - .6570                EURNZD 1.5220 – 1.5482
Topics: EURO NZD
 

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