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The Kiwi dollar bounces nicely against the YEN.

Written by Sam Coxhead on June 7th, 2012.      0 comments

4:44 PM (NZT) The NZ dollar has seen a sharp reversal of fortune again the YEN this week. Started by as strong Fonterra diary auction result, the rest has been driven by developments in offshore markets. The RBA only cutting the cash rate by 25pts in Australia, has been joined by both stronger than expected employment and Q1 GDP results. On the back of this the AUD has dragged the NZD higher. This coupled with the increasing volume of central bank rhetoric pointing towards further monetary policy stimulation if warranted, has driven the NZD higher. Whether or not this can be sustained over the coming weeks remains to be seen. The back drop of unresolved Euro-zone banking issues and the 17th June Greek elections loom large. Resistance at 61.50 is the next target if the positive sentiment can continue.
 
The current interbank midrate is:                                                            NZDYEN 61.20                              
                                                               
The interbank range so far this week to date has been:                 NZDYEN 58.58 – 61.24             
Topics: JPY, NZD, YEN
 

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