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Action packed week pushes NZD lower

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

2:40PM (NZT) It has been a relatively action packed week for this pair. In what was a 50/50 call, the RBA decided to leave the cash rate at 3.25% and this saw some “AUD sold position covering” drive demand for the AUD. Having retreated back towards the middle of its recently comfortably range at .7920 (1.2630), the NZ employments numbers drove the NZD lower, and this pressure continues at the time of writing. This pair is ultimately driven by the difference in cash rates between the two countries. Whilst the RBNZ are unlikely to be moved to ease the cash rate lower on the back of one number, of what is a very volatile series, the market will like move to price a small probability of such an outcome. Accordingly, the NZ dollar may remain down towards the lower end of the range in the short term. A break of the .7800 (1.2820) level open up the way for further weakness, but this would offer excellent value buying to NZD with Australian dollars.
The current interbank midrate is:                                                  NZDAUD .7830               AUDNZD 1.2771
The interbank range so far this week to date has been:                 NZDAUD .7809 - .7976    AUDNZD 1.2538 – 1.2806
Topics: AUD NZD