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The NZ dollar loses ground against the AUD this week.

Written by Sam Coxhead on September 30th, 2011.      0 comments

2:35 PM (NZT) This pair had been relatively stable this week, up until this morning. It was stable because of the lack of domestic economic data in either economy. The Fitch agency downgrade of the NZ debt credit rating from AA+ to AA has caused the NZD to weaken. The Moody’s re-affirmation of their rating of AAA gave some reprieve to the NZD, but the NBNZ Business Confidence number has softened the NZD once again. Since S&P joined the party with their downgrade, the NZD has actually been relatively stable. Overall, the pair remains in its broader .7800 - .8050 range for the time being.
 
The current interbank price is:      .7860 (1.2723)
                                                             
The interbank range on the week to date has been:     .7851 - .7980 (1.2531 - 1.2737)
 

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