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The NZ Doolar struggles to hold onto gains against the USD.

Written by Sam Coxhead on December 22nd, 2011.      0 comments

1:45 PM (NZT) The NZ dollar made up some of its recently lost ground this week, albeit now back from its peak. The wider market risk appetite was driven by better economic news, and “sold position” covering, that saw a scramble for risk assets in an liquid market. The NZD lost ground against the US dollar overnight, as the news came of the large extent of which the ECB had been approached for their offering of 3 year funds at low fixed rates. Today’s better than expected 3rd quarter GDP number saw little positive reaction from the NZD, and the increasing risk aversion again now dominates sentiment. The remainder of the week sees the focus in the US, with final GDP and consumer sentiment readings overnight, and durable goods and new homes sales releases on Friday. Expect the lead to be again driven from events or announcement in Europe. Overall sentiment remains to the downside from the NZD against the US dollar.
The current interbank midrate is:                                                            NZDUSD .7680 
The interbank range so far this week to date has been:                 NZDUSD .7538 - .777