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The NZD remains vulnerable to the USD.

Written by Sam Coxhead on June 1st, 2012.      0 comments

5:11 PM This pair has been predominantly driven by the risk aversion emanating from Europe this week. The mixed US data was a mild contributor to the price action, but not a dominant feature. The week started well after rumours emerged of a banking stability solution hatched for Europe. As it became clear this was not the case the risk aversion again took over and the US dollar dominance is driving the NZD lower and we are close to the five month lows set last week. Expect the NZD to remain heavy in the short term. Next support levels coming in at .7450 and .7400 respectively. Any corrective bounces, should they come, will be swift, as is usual for “bear” market rallies.
 
The current interbank midrate is:                                                            NZDUSD .7502  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .7492 - .7650
Topics: New Zealand dollar, NZDUSD, US dollar
 

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