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The NZ dollar puts pressure back on the CAD with the risk aversion reversal.

Written by Sam Coxhead on December 2nd, 2011.      0 comments

3:15 PM (NZT) The NZD had outperformed the CAD this week, although it is currently consolidating off the highs. Most of the move higher was provided by the reaction to the coordinated central bank action to provide USD funding to banks in need. This risk positive move pushed the NZD to its peak before the market settled down. If this pair stays below the .8000 level then we should see the NZD give up further ground and the pair move back lower towards more historically average levels that have been absent for the last six months. A move through .8000 will probably signify some progress been made in Europe towards fiscal integration and this would open up the way for another leg higher from the NZD. But this would still seem unlikely given what has to be achieved, in the short term atleast..
 
The current interbank midrate is:                                                            NZDCAD .7919                              
                                                               
The interbank range so far this week to date has been:                 NZDCAD .7777 - .7972              
 

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