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The NZD pushed lower by the EURO, but in the expected range.

Written by Sam Coxhead on April 20th, 2012.      0 comments

4:34 PM (NZT) The EUR curiously outperformed the NZ dollar this week. The weak Fonterra auction results start the pressure on the NZD initially and the EURO has seen grinding outperformance since then, in the face of pressure from other currencies.  Further pressure down towards the lower end of the recent range is possible before decent support for the NZD is seen. Next week the RBNZ is unlikely to cause too much surprise with the statement accompanying what will be an unchanged monetary policy decision. In Europe the monthly manufacturing dominate the economic data space, and these will be the focus along with the debt markets as usual.
 
The current interbank midrate is:                                                            NZDEUR .6190                               EURNZD 1.6155
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6182 - .6312                EURNZD 1.5842 – 1.6176
 

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