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The EURO tames any further NZ dollar appreciation for now.

Written by Sam Coxhead on August 10th, 2012.      0 comments

11:52 AM (NZT) It has been a week of contained ranges for this pair. The EUR has managed to stop the NZ dollar from setting further records highs against it, and this has been more about NZD under performance than any EUR strength. The European debt markets have continued to stablise, but action will be require from the ECB and European leaders ahead of the September 6th ECB monetary policy meeting. Expect the somewhat contained range trading to continue in the short term as long as the positive change in sentiment in Europe can be maintained. Certainly the pair looks uncomfortable above .6625(below 1.51) and this will represent a significant test for any renewed NZ dollar appreciation from the current levels.
 
The current interbank midrate is:                                                            NZDEUR .6599                               EURNZD 1.5154
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6549 - .6626                EURNZD 1.5092 – 1.5270
Topics: NZD EUR
 

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