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The EURO sees further pressure from the NZ Dollar.

Written by Sam Coxhead on July 6th, 2012.      0 comments

4:45 PM (NZT)The EURO has been under pressure all week, and against the NZD has been no exception. This week has seen record high levels of the NZD vs the EURO. These levels offer exceptional levels at which to buy EURO with NZD. The path from the current levels is not certain. It is easy to argue for further EURO under performance given the challenges being faced in Europe. On the other hand, it is very surprising that the NZ dollar has managed to hold in so well considering the global growth profile is again on the wane. The surprise PBOC interest rate cut is alarming in itself, and shows how fragile the Asian economies can be with limited growth in the western economies. However things play out, current level offer very good value buying of EURO with NZ dollars from a historical perspective.
 
The current interbank midrate is:                                                            NZDEUR .6482                               EURNZD 1.5427
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6296 - .6498                EURNZD 1.5389 – 1.5883
 

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