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The NZD EUR pair waits for the EU summit

Written by Sam Coxhead on October 20th, 2011.      0 comments

4:45 PM (NZT) The NZD has weakened slightly against the EUR so far this week. Volatility has been lower than in previous weeks, as the market has all eyes on the EU summit approaching this weekend. As expectations have become more realistic, the risk aversion has increased and this has caused the NZD underperformance. There has been little in the way of major economic data in NZ, but next week we have inflation numbers on Tuesday and the RBNZ monetary policy decision on Thursday. The RBNZ will likely leave the cash rate unchanged. The focus in Europe will remain on the debt situation, and the possible paths forward presented at the summit this weekend.
 
The current interbank midrate is:            .5753                     (EURNZD  1.7382)                
                                                                                                                    
The interbank range so far this week  has been:      .5739 - .5813       (EURNZD  1.7203 – 1.7425) 
 

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