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The NZD is unable to hold its gains against the US dollar.

Written by Sam Coxhead on June 22nd, 2012.      0 comments

4:30 PM (NZT) It has been an interesting week for this pairing. With increasing anticipation of further quantitative easing from the FED at their monetary policy meeting, the US dollar underperformed for a good portion of the week. So the NZD saw grinding appreciation that accelerated upon the release of the stronger than expected NZ GDP number. However, the investigations over .8000 were brief as the market was not satisfied with the FEDs extension of its “operation twist”, and obviously was looking for additional quantitative easing. The upshot has been a fresh wave of risk aversion as investors flee the growth assets including the NZ dollar. The pair has finally found support at the .7850 level and this will remain the key level in the coming sessions. Expect the volatility to continue in the short term.
 
The current interbank midrate is:                                                            NZDUSD .7884  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .7849 - .8018
Topics: New Zealand dollar, NZD, USD
 

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