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The NZ dollar grinds yet higher against the Australian dollar.

Written by Sam Coxhead on September 21st, 2012.      0 comments

2:35 PM (NZT)  This pair has seen further appreciation from the NZD throughout the course of this week. Apart from pre NZ GDP weakness, the NZD has seen a constant grind higher as it saw steady demand. As noted on earlier updates, the contracting cash rate differential between the steady NZ cash rate at 2.50%, and the likely easing of the Australian cash rate from 3.50% to 3.0% by the end of the year, has led towards the NZD appreciation. Given the NZ dollar appreciation over recent weeks, further appreciation through the recent highs at .7945(1.2587 lows) will prove harder fought than recent gains. The pair is getting closer towards historical averages at current levels, and the NZ dollar will likely to come into periods of profit taking. There is little economic news next week that seems likely to propel the NZD through the crucial .8000 (1.2500) level. So potentially there will be some  consolidation from the pair after recent moves.
The current interbank midrate is:                                                            NZDAUD .7925                            AUDNZD 1.2618
The interbank range so far this week to date has been:                 NZDAUD .7840 - .7945             AUDNZD  1.2587 - 1.2755
Topics: NZD AUD