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The NZD lags the AUD on the week.

Written by Sam Coxhead on July 6th, 2012.      0 comments

4:43 PM (NZT) This pair continued to trade within its recent and tight range. With the RBA monetary policy decision fairly much as expected the AUD has outperformed a little as the prospects of further RBA easing of the cash rate is less certain than before. Also tipping the scales slightly in the favour of the AUD was the Fonterra auction results, which are closely followed by international investors. Next week should see a somewhat limited range again in the absence of material economic data in either economy. If the pair breaks the .7780 (1.2850) level, then further AUD gains cannot be ruled out.
 
The current interbank midrate is:                                                            NZDAUD .7818                            AUDNZD 1.2790
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7796 - .7843             AUDNZD  1.2750 - 1.2827
 

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