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The NZD grinds higher against the YEN.

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

6:02 PM (NZT) This pair has been relatively stable this week, with the bulk of the week’s trading taking place within a very contained range. The lead has been provided by the wider market in the absence of dramatic economic news in either the NZ or Japanese economies. For the time being expect the broader 62.50 – 64.50 range to remain in place. Next week the focus comes from the NZ employment numbers and the BOJ monetary policy announcement on Wednesday. Europe remains the primary driver on the wider market sentiment in the short term. Given the recent increase in demand for Australasian government bonds, in the short term expect a more contained ranges for this pair than would normally be expected. This is because the Australasian currencies have seeing a lower correlation to risk aversion than would normally be seen. The big question is whether or not this continues in the medium term.
 
The current interbank midrate is:                                                            NZDYEN 63.66                             
                                                               
The interbank range so far this week to date has been:                 NZDYEN 63.01 – 63.87              
Topics: NZD YEN JPY
 

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