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The NZD finally breaks resistance against the Australian dollar.

Written by Sam Coxhead on September 14th, 2012.      0 comments

2:15 PM (NZT) After spending the first half of this week in contained and sideways trade, the NZD saw demand pick up in the hours following yesterdays RBNZ monetary policy announcement. There was nothing of surprise in this statement, and the NZD appreciation was far from immediate. Its seems to be a case of international investors finally understanding that the RBNZ are unlikely to lower the cash rate in the coming year. With potentially contracting cash rate differentials, the NZ dollar has finally made up seemingly due ground. Further appreciation from the current levels is by no means guaranteed, as the .7900 (1.2660) represents  fairly NZD resistance (AUD support). Next week the focus comes from the RBA monetary policy meeting minutes on Tuesday, and the long awaited 2nd quarter GDP numbers in NZ on Thursday.
 
The current interbank midrate is:                                                            NZDAUD .7879                            AUDNZD 1.2691
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7803 - .7891             AUDNZD  1.2672 - 1.2815
Topics: AUD NZD
 

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