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The NZD nears resistance againist the EURO.

Written by Sam Coxhead on November 2nd, 2012.      0 comments

3:51 PM (NZT) This pair has spent most of this week at very comfortable and familiar levels. The NZ dollar has seen some solid demand in the last couple of sessions and this has pushed the pair towards the reasonable resistance level of .6400 (support 1.5625). Given the demand has been “flow driven” as opposed to lead by some kind of economic data in NZ, it remains to be seen if there is further potential for NZ dollar upside. Of note in Europe will be the increasing consternation about the austerity program in Greece. Next week sees the 3rd quarter employment numbers in NZ on Thursday and these will be closely watched. The ECB monetary policy meeting and statement will also be closely watched, albeit not change to policy expected at this time.
 
The current interbank midrate is:                                             NZDEUR .6385                      EURNZD 1.5662
                                                                                         
The interbank range so far this week to date has been:  NZDEUR .6311 - .6398       EURNZD 1.5630 – 1.5845
Topics: NZD EUR
 

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