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The NZD grinds higher against the Australian dollar.

Written by Sam Coxhead on June 15th, 2012.      0 comments

5:13 PM (NZT)    The pair has had a relatively unexciting week. For the most part the NZD has seen grinding appreciation against the AUD. The pair has headed towards the resistance at .7830 (support 1.2770) and as expected the NZD has found the going tough to be break through this level. The RBNZ confirmed that they are unlikely to cut the NZ cash rate unless Europe completely implodes. With contracting interest rate differentials, the NZD should pressure the AUD further, albeit  the ground from here may prove hard fought in the short term. NZ GDP numbers next week will be the highlight in NZ , while in Australia the monetary policy meeting minutes will be of attention. In the near term, current levels represent fair value for this pair.
 
The current interbank midrate is:                                                            NZDAUD .7818                            AUDNZD 1.2791
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7755 - .7829             AUDNZD  1.2773 - 1.2895
       
Topics: NZD AUD
 

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