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The NZ dollar gives up ground against a resurgent YEN

Written by Sam Coxhead on March 23rd, 2012.      0 comments

4:48 PM (NZT)    The Japanese YEN has spent much of this week taking back recently lost ground from the NZ dollar. As the global growth outlook has been more clouded the NZD started to suffer. This was accelerated by the weaker than expected NZ GDP number yesterday. Somewhat ironically, in the offshore session overnight however the YEN succumbed to a little profit taking from its recent surge, and that has seen the NZ dollar consolidate off its lows. Current levels are far more palatable than the highs where the pairing started the week. Expect the wider market appetite for risk, to provide the primary lead in the coming week, in the absence of top tier economic data in either economy.
 
The current interbank midrate is:                                                            NZDYEN 67.10                              
                                                               
The interbank range so far this week to date has been:                 NZDYEN 66.52 - 69.06               
       
 

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