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The NZ dollar maintains its upward momentum against the YEN

Written by Sam Coxhead on February 17th, 2012.      0 comments

5:27 PM (NZT) It has been a very interesting week for this pairing. The NZD has continued its resurgent form against the YEN. The factors have been two fold. First was the better than expected retail sales number in NZ. Secondly, was the unexpected move by the BOJ to initiate further QE to the tune of 10 trillion YEN. The result is the pairing at levels not seen for six months. The 66.50 resistance level may provide a test for the NZD demand, but at the moment, the momentum is undeniable. This pairing will prove interesting to watch over the coming weeks. Any further complications surrounding the Greek debt issues, may slow the momentum of the NZD, so progress from current levels should be harder to make.
 
The current interbank midrate is:                                                            NZDYEN 66.23                              
                                                               
The interbank range so far this week to date has been:                 NZDYEN 64.09 - 66.33              
 

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