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The NZ dollar finally sees some support against the AUD.

Written by Sam Coxhead on July 27th, 2012.      0 comments

2:48 PM (NZT)  The NZ dollar saw a continuation of the recent pressure from the Australian dollar to start this week. The relentless grind higher by the AUD was arrested by the neutral statement from the RBNZ accompanying the unsurprising unchanged cash rate decision. The NZD caught a further boost as the risk aversion tapered off overnight following the ECB pledge to support the Euro-zone. But the pairing is still not back to recent comfort levels. This pair is ultimately driven purely by cash rate differentials and that will likely see the NZ dollar grind higher over the coming weeks. Staying above .7680 (below 1.3020) provides the first task for the NZ dollar. Australian news will no doubt drive next week’s price action with building numbers Tuesday and retail sales and the trade balance on Thursday.
 
The current interbank midrate is:                                                            NZDAUD .7695                            AUDNZD 1.2995
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7634 - .7715             AUDNZD  1.2962 - 1.3099
Topics: NZD AUD
 

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