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The NZD outperformed the Euro ahead of Greek election.

Written by Sam Coxhead on June 15th, 2012.      0 comments

4:42 PM (NZT) It has been a very uncertain week for this pairing, and this is set to continue in the short term. The NZ dollar has benefitted from the increased expectation of central bank stimulation in the global economy. But up around the .6200 (1.6130) level is seems to have found some resistance. The volatility will likely increase next week with the result of the Greek election. The NZD appreciation has surprised somewhat, given the risk aversion apparent. But QE, or prospect of, often muddles price action and breaks down normal market correlations. Further upside for the NZD will likely be harder fought from the current levels.
 
The current interbank midrate is:                                                            NZDEUR .6197                               EURNZD 1.6137
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6135 - .6229                EURNZD 1.6054 – 1.6299
 

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