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The NZD gains further against the EURO.

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

3:40 PM (NZT)The EURO started the week seeing some intense pressure and against the NZ dollar was of no exception and the pair went close to setting record highs in the NZ dollars favour. However, overnight the equity markets came under pressure and the NZD adjusted accordingly lower to the current level where the market sits close to the middle of the weeks range. Progress from here is hard to pick and relies on the outcome from the EU summit. Expect the wider market sentiment to next week’s direction. Any clear plan to insulate Spain and Italy from higher funding costs would have to be EURP positive, at least in the short term.
 
The current interbank midrate is:                                                            NZDEUR .6320                               EURNZD 1.5823
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6275 - .6370                EURNZD
 

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