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The NZD pushes lower against the EURO.

Written by Sam Coxhead on May 4th, 2012.      0 comments

6:35 PM (NZT) The NZD has been under somewhat constant pressure from the EURO this week. It is somewhat ironic considering that magnitude of the situation in Europe at the moment. There is little chance of a change in stance from the RBNZ with regards to the cash rate, so further gains are likely to be harder fought for the EURO. Current levels provide reasonably good value buying of NZD relative to recent price levels, and offer a good starting point for those looking to stagger transfer from EURO’s into NZD. Next week will be interesting in that it will offer insight as to whether or not we are at the start of a trend. The majority of the lead will come from the wider market appetite for risk.
 
The current interbank midrate is:                                                            NZDEUR .6092                               EURNZD 1.6415
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6073 - .6212                EURNZD 1.6098 – 1.6466
  
 

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