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The NZD and EUR in familiar territory.

Written by Sam Coxhead on November 4th, 2011.      0 comments

3:30 PM (NZT) This pair has remained volatile this week, albeit in a fairly familiar range. The NZD saw earlier appreciation against the EURO before the Greek PM made is call for a referendum , and this really caused a large round of risk aversion. The risk aversion saw the NZD solidly outperformed by the EURO and forced the NZD to the lows for the week so far. Given the circumstances the EURO has been surprisingly resilient. This maybe attributable to the fact that European banks have been hard at work selling offshore assets and repatriating large amounts of capital back into EURO to bolster their balance sheets in preparation of the Greek debt write downs negotiated in the bailout deal last week. Expect the volatility to continue for the remainder of 2011. The recent 7 week .5650/.5850 (1.7100/1.7700) range does feel comfortable for the pair in the short term.
 
The current interbank midrate is: ZDEUR .5748                               EURNZD 1.7397
                                                               
The interbank range so far this week to date has been:                 NZDEUR .5702 - .5848                EURNZD 1.7100 – 1.7538
 

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