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The NZD plummets against the Japanese YEN.

Written by Sam Coxhead on November 9th, 2012.      0 comments

2:25 PM (NZT) It has been quite a dramatic week for this pair. After two attempts, the pair was not able to consolidate through the resistance at 66.50. The Obama election win in the US caused wide spread risk aversion in the markets, and increased demand for the JPY that has been missing over recent weeks. Then the NZ employment numbers undermined demand for the NZ dollar, and this has seen the pair dramatically fall and touch the support level of 66.50. The market has consolidated just above this level for the time being, and given the momentum, further attempts at the downside should not be ruled out. Next week the direction should be dictated by the Japanese numbers and wider market sentiment in the absence of material NZ economic news. In Japan the GDP numbers on Monday are followed by the latest retail sales figures on Wednesday.
 
The current interbank midrate is:                                                  NZDJPY 64.69 
                                                                                         
The interbank range so far this week to date has been:       NZDJPY 66.54 – 66.74
Topics: YEN NZD
 

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