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The NZD fights back against the AUD.

Written by Sam Coxhead on March 9th, 2012.      0 comments

12.26 PM (NZT) It had been an interesting week for the NZD and AUD pairing. The downward adjustment of expectations of Chinese growth really weighed on both currencies, and somewhat strangely the NZD suffered more heavily. The NZD slide pushed the pairing through substantial support levels at .7700 (AUDNZD topside resistance at 1.2990), however this move was flow driven and proved to be short lived. Very quickly the pair moved back into its recent familiar range and has settled down since. The lower than expected Australian GDP data was of limited impact, as it came during the period of NZD weakness. The subsequent central bank meetings and Australian employment numbers have produced little to move the pair significantly. There are rumours of further Chinese stimulation to lending markets from authorities. If these eventuate, the AUD should in theory outperform.  
 
The current interbank midrate is:                                                            NZDAUD .7748                            AUDNZD 1.2907
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7650 - .7762             AUDNZD  1.2883 - 1.3072
 
 

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