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The NZ dollar loses ground to the CAD, will it keep going?

Written by Sam Coxhead on November 18th, 2011.      0 comments

4:13 PM (NZT) The NZD had been under significant pressure from the Canadian dollar so far this week. The global risk aversion inspired by the European debt crisis is the first factor. Second comes the maturity of 8.8 billion of NZ Government bonds on Monday, leading to a supply of NZ dollars to the market. And thirdly the increasing oil price, which is naturally CAD supportive because of Canada’s large oil exports. Interestingly is the break of the .7850 support level, if this can be sustained it may herald of the return to more familiar levels after a few months at the recent elevated levels. With the risk aversion likely to remain at elevated levels well into 2012, expect the volatility to remain in the markets for some time yet. The staggering of transfers is recommended for larger amounts to gain a more average rate of exchange over time.
 
The current interbank midrate is:                                                            NZDCAD .7823                           
                                                               
The interbank range so far this week to date has been:                 NZDCAD .7771 - .7996            
 

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