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The NZD grinds back of support against the EURO, for the time being.

Written by Sam Coxhead on October 26th, 2012.      0 comments

3:21 PM (NZT) This pair has a moribund start to the week with very little movement taking place. However the AUD dragged the NZ dollar higher on Wednesday, and this appreciation accelerated further on Thursday following the RBNZ statement. The resistance at .6350 (support 1.5750) capped the appreciation and the NZ dollar saw some pressure this morning after the Wheeler speech. The EURO seems to be in a little holding pattern of sorts, as the market appears to be waiting for the Spanish approach for funding assistance. Next week the focus comes from Europe with the inflation and employment releases. Expect the .6250 - .6450 (1.5500 – 1.6000) range to remain in place in the short term, with the vulnerable side being the NZD support at .6250 (1.6000), that could be tested once the Spanish formally approach for assistance.
 
The current interbank midrate is:                                             NZDEUR .6328                      EURNZD 1.5802
                                                                                         
The interbank range so far this week to date has been:  NZDEUR .6241 - .6350       EURNZD 1.5748 – 1.6023
Topics: NZD EUR
 

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