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The NZD sees downward pressure against the USD.

Written by Sam Coxhead on April 20th, 2012.      0 comments

4:31 PM (NZT) The New Zealand dollar has underperformed the US dollar this week , and the pair has been pushed towards the lower end of its recent and now familiar range. The lower Fonterra auction numbers set the tone, and along with generally lower global stock markets, the path was easily made for a lower NZD. The increased IMF global growth forecast gave the NZD a little life after its announcement , but it was short lived and was not long before the pressure returned. The expectedly benign NZ inflation numbers were of little consequence, and lastnights weaker US data saw the pair stablise. Next week sees both central banks in focus. No monetary policy change is expected from either, but the accompanying statements will be closely watched. The FED is up first on Wednesday, and followed by the RBNZ on Thursday. Advanced US GDP numbers on Friday will garner attention also. If we see further weakness from the NZD , it would surprise to see a sharp decline even if support levels are broken, as good demand has been seen on previous investigations lower.
 
The current interbank midrate is:                                                            NZDUSD .8127 
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .8117 - .8252
 

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