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The NZD drifts off against the US dollar ahead of the EU summit.

Written by Sam Coxhead on June 29th, 2012.      0 comments

3:38pm (NZT) This pair has traded a surprisingly small range so far this week. A lot of time has been spent treading water ahead of the EU summit. The debt and commodity markets have been volatile. Apart from plunging EURO demand, the foreign exchange markets have been very measured. As tensions build at the EU summit the USD has gained ascendancy and pushed the NZD towards the lows so far for the week. A move higher to consolidate through the resistance at .7950 seems unlikely at this stage, especially will continuing pressure on the EURO likely to weigh on the NZD in the short term.
 
The current interbank midrate is:                                                            NZDUSD .7865 
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .7847 - .7957
 

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