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The NZD sees continued pressure from the AUD, but its should change

Written by Sam Coxhead on November 11th, 2011.      0 comments

5:10 PM (NZT) This pair continues to wallow around in its recent and now familiar ranges. The market consensus clearly sees little chance if a change in the cash rate in NZ from the RBNZ in the next six months or so, and the RBA are likely to cut the rate in Australia by another 25pts next month. With the interest rate differential closing up a little , the NZD should see some appreciation at some stage, but it is taking its time in eventuating. As long as the support between .7575-.7600 (resistance 1.3160-1.3200)  holds, we should see investigations to the upside from the NZD at some stage. Current levels represent continued good value buying of NZD with AUD in the meantime.
 
The current interbank midrate is:     NZDAUD .7650                   AUDNZD 1.3072
                                                               
The interbank range so far this week to date has been:NZDAUD .7629 - .7714                                                                                   AUDNZD 1.2963 – 1.3108
 

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