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The NZ dollar underperforms further against the CAD.

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

12:00 PM (NZT) The New Zealand dollar has underperformed the Canadian dollar throughout the course of this week. The downward revision of the Fonterra payout and negative NZD comments from the NZ Finance Minister led to a dramatic fall in demand for NZD from investors. The resurgent US dollar has help the CAD further strengthen, and this should remain in place in the near term. Monthly GDP numbers later on today in Canada will be watched closely along with any developments on US monetary policy that emanate from the Jackson Hole symposium. Chinese manufacturing data on the weekend, will likely lead the fortunes of the New Zealand dollar as we head into what will be a very interesting next week. Without increased chance of further QE from the US Federal Reserve, the NZD should remain vulnerable to further downside moves in the short term.
 
The current interbank midrate is:                                                            NZDCAD .7921                             
                                                               
The interbank range so far this week to date has been:                 NZDCAD .7904 - .8058              
Topics: NZD CAD
 

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