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The NZ dollar seesaws against the EURO.

Written by Sam Coxhead on November 9th, 2012.      0 comments

1:45 PM (NZT) It has been a roller coaster ride for this pair this week. The NZ dollar initially continued its recent surge higher against the EURO and went close to resistance at .6500 (support 15385). From there it has been a complete reversal of fortune. Positive news in Greece, an Obama election win and weak NZ employment numbers all pushing the NZD lower. The pair is now comfortably back in its recent trading range. Further NZ dollar weakness is possible given the current momentum, but solid support should come in at the .6300 (1.5875 resistance) level. Expect the wider market risk appetite to drive the price action ahead of the European inflation and growth numbers next week.
 
The current interbank midrate is:                                             NZDEUR .6385                      EURNZD 1.5662
                                                                                         
The interbank range so far this week to date has been:  NZDEUR .6377 - .6494       EURNZD 1.5399 – 1.5681
Topics: NZD EUR
 

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