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The NZD is wrestled back from the records highs against the EURO.

Written by Sam Coxhead on July 27th, 2012.      0 comments

3:15 PM (NZT) After opening at record highs to start the week the NZ dollar soon succumbed to risk aversion and lost ground to the EURO. After finding support around .6480 (resistance 1.5455) the NZ dollar has managed to take back a little of the lost ground. The NZD support initially followed the RBNZ monetary policy decision, but interestingly the NZD outperformed the EURO overnight following the strong words from the ECB. Next week will continue to be all about Europe. The ECB monetary policy meeting will be of intense interest given the events of the last 24hours. Whatever transpires, the road is long and hard for Europe as the northern states help the southern states emerge from the financial chaos into reality. With this in mind expect the NZD to remain at these elevated levels at least in the short term.
 
The current interbank midrate is:                                                            NZDEUR .6521                               EURNZD 1.5335
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6470 - .6584                EURNZD 1.5188 – 1.5456
Topics: NZD EUR
 

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