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The NZ dollar dragged higher against the USD.

Written by Sam Coxhead on July 20th, 2012.      0 comments

4:30 PM (NZT) The NZ dollar has seen grinding appreciation against the US dollar for the most part this week. The lower than expected NZ inflation number did lower demand for a time, the weakness was short lived. The rampant Australian dollar has seen central bank buying, and the NZ dollar has been dragged along for the ride. With the softer US economic data, it is becoming more like that the FED will increase their monetary stimulus at some stage and this is also benefitting the NZD. Fundamentally the NZ dollar should be struggling at current levels, but the momentum remains in its favour for the time being. Current levels offer good value buying of US dollars in my view. The RBNZ monetary policy announcement next week should be of limited impact, with the focus in the US coming on the 2nd quarter GDP number on Friday.
 
The current interbank midrate is:                                                            NZDUSD .8024 
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .7916 - .8057
 

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