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The NZD outperforms the EURO as central banks threaten action.

Written by Sam Coxhead on June 7th, 2012.      0 comments

3:43 PM (NZT) The NZ dollar has seen some solid demand against the EURO over the last couple of day. The solid NZD performance has been driven by multiple factors. Higher diary prices in Fonterra’s latest auction, RBA action and strong first quarter growth numbers in Australia, and finally a avalanche of central bank rhetoric around further policy stimulation if the soft global economy continues. All these factors have contributed to the bounce back in risk appetite that has pushed the NZD higher. Next week the RBNZ monetary policy decision looms large. No change is really expected in the cash rate, but the accompanying statement will be closely watched. Whilst this surprising bounce in risk appetite may have further to go, it is unlikely to be sustained as we head into the Greek elections on the 17th June.
 
The current interbank midrate is:                                                            NZDEUR .6117                               EURNZD 1.6348
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6035 - .6133                EURNZD 1.6305 – 1.6570
 

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