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The NZD looks like good value buying with Australian dollars.

Written by Sam Coxhead on October 28th, 2011.      0 comments

1:17 PM (NZT) The NZD struggled against the AUD from the outset on Monday morning of this week. Wider market sentiment was positive about the European debt issues potentially coming to a head at the EU summit and this saw the AUD in higher demand, and a barometer for global growth. The lower than expect NZ inflation numbers on Tuesday placed further pressure on the NZD, as they lower the chances of a hike from the RBNZ in the coming months. On Wednesday it was the turn of the Australian economy to release inflation numbers that were lower than expected, and this has seen the interest rate market move to fully price a 25pt cut to the cash rate from the RBNZ at next week’s meeting. This saw the NZD take back some of its lost ground to around the .7700 (1.2990) level before the AUD has seen further grinding appreciation before the pair saw sideways movement as the risk appetite rocketed in the offshore session overnight. The NZD looks to be good value buying at current levels with AUD.
The current interbank midrate is: NZDAUD .7673                       AUDNZD 1.3033
The interbank range so far this week to date has been:  NZDAUD .7609 - .7763                                                                                                                       AUDNZD 1.2882 – 1.3142