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The NZD finally grinds higher against the Australian dollar.

Written by Sam Coxhead on August 3rd, 2012.      0 comments

5:55 PM (NZT) Again this pair has been relatively contained this week. The NZ dollar has finally found some momentum and pushed higher today. The lead started with the Fonterra diary auction boost overnight and then late in today’s session the affirmation of the NZ credit rating from S&P continued the subtle momentum. Having consolidated through the .7730 (1.2940) level, the way is opened for the further NZ dollar appreciation. Next week the lead will come from the respective employment releases on Thursday once the RBA meeting is out of the way on Tuesday. Expect more of the same from the RBA. Acknowledgement of the risks evident offshore, while the domestic economy as a whole ticks over with mining investment providing the horsepower.  The .7800 (1.2820) level presents the next target for NZD appreciation in the near term.
 
The current interbank midrate is:                                                            NZDAUD .7760                            AUDNZD 1.2887
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7692 - .7761             AUDNZD  1.2885 - 1.3001
Topics: NZD AUD
 

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