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The NZD pushes higher against the AUD.

Written by Sam Coxhead on December 6th, 2012.      0 comments

4:33 PM (NZT) It has been a very interesting week for this pair. The price action had been relatively steady for the most part, but the NZ dollar saw demand in the 24 hours leading up to today’s monetary policy announcement. It appears the weak Q3 NZ data of late had pushed some of the market into thinking the RBNZ would be close to cutting the cash rate from its current 2.50% record level. This was not the case and today RBNZ Governor Wheeler re-iterated the current forecast for the cash rate is to stay unchanged until 2014. The result has been a nice push higher from the NZ dollar, if somewhat surprising. The subsequent stronger than expected Australian employment numbers should cap any further appreciation from the NZ dollar in the short term, and the pair remains comfortably within the recent wider trading range.
 
The current interbank midrate is:                                                  NZDAUD .7919               AUDNZD 1.2628
                                                                                         
The interbank range so far this week to date has been:                 NZDAUD .7839 - .7935    AUDNZD 1.2602 – 1.2757
Topics: AUD NZD
 

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