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The NZ dollar slips further against the EURO.

Written by Sam Coxhead on August 31st, 2012.      0 comments

11:50 AM (NZT) The NZ dollar has given up substantial ground to the EURO this week. The move has been driven by NZ dollar underperformance tripped off by the downward revision of the Fonterra payout forecast for the 2012/13 season. The pair now sits just above further support at .6350 (1.5750 resistance). Both Australasian currencies remain vulnerable as we head into the weekend. Expect the lead in the near term to come from any comments with regards to further monetary easing from the Jackson Hole symposium, and the Chinese manufacturing numbers due over the weekend. With the next two weeks very important for the EURO, the potential for volatility remains high. The NZD had now moved around 4% lower against the EURO from the record highs at the beginning of the month. However from a historical perspective , even current levels off very good value buying of EURO with NZ dollars. As long as fears remain around the Asian growth profile, the NZD will remain soft.
The current interbank midrate is:                                                            NZDEUR .6380                               EURNZD 1.5674
The interbank range so far this week to date has been:                 NZDEUR .6363 - .6492                EURNZD 1.5404 – 1.5716
Topics: EURO NZD