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The NZ dollar sees further pressure from the EURO, but bounces from lows.

Written by Sam Coxhead on September 7th, 2012.      0 comments

2:30 PM (NZT) It has been a somewhat interesting week for this pair. The price action has been curious, leading into this crucial ECB monetary policy announcement the NZD has ceded ground to the EURO. However once actually announced the NZ dollar has seen a solid boost in demand and has materially outpaced the EURO. This can be attributed to investors locking in profit from the EURO appreciation. Direction from the current levels is less clear in the short term. Growth assets may continue to see sporadic demand, but it remains to be seen how long this will last once the fundamentals come back into focus. The .6300 (1.5875) level is the key to my mind. Consolidation through this level would open up the way for further appreciation back to more historically average levels for this pair.
 
The current interbank midrate is:                                                            NZDEUR .6348                               EURNZD 1.5752
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6283 - .6372                EURNZD 1.5694 – 1.5916
Topics: NZD EUR
 

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