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The NZD recovers against the EURO, but future direction remains uncertain.

Written by Sam Coxhead on October 12th, 2012.      0 comments

2:00 PM (NZT) The NZ dollar started this week by taking back the ground it lost to the EURO late last week. Its appreciation slowed as it ran into the familiar resistance at .6350 (1.5750 support), and this remains the target for any further NZD appreciation  against the EURO in the short term. In the last couple of sessions the EURO has managed to shrug off the Spanish credit rating down grade, and the debt markets have strengthened further. If the NZ dollar comes under pressure the initial target will be .6250 (1.6000) which would constitute low levels not seen since June. The remainder of 2012 should prove to be interesting at the very least. The Spanish situation is not materially improving and the US election and fiscal cliff mean we may see some unpredictable price action as developments unfold. With this pair remaining close to crucial levels, direction in the short term is hard to pick, but given the softness of the global economy, it is hard to imagine the NZ dollar appreciating quickly from current levels.
 
The current interbank midrate is:                                                            NZDEUR .6314                               EURNZD 1.5838
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6265 - .6365                EURNZD 1.5711 – 1.5962
Topics: NZD EUR EURO
 

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