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The NZD surprisingly continues to wallow against the Australian dollar

Written by Sam Coxhead on December 2nd, 2011.      0 comments

3:05 PM (NZT) This pair remains at levels of good value buying of NZD with AUD from a historical perspective. The range has not become familiar. The one attempt to again push higher from the AUD came on the back of the reaction to the coordinated central bank action on Wednesday. This knee jerk reaction was quickly reversed by the NZD dollar. Next week’s central bank meeting should provide an opportunity for the NZD to see appreciation. The RBA are fully expected to cut the cash rate 25pts to 4.25%, whilst the RBNZ will remain unchanged. Patience  maybe required , but we should see the return back towards more historical averages for this pair as the interest rate differentials contract.
 
The current interbank midrate is:     NZDAUD .7627                               AUDNZD 1.3111
                                                               
The interbank range so far this week to date has been:
NZDAUD .7547 -7647                                                        AUDNZD 1.3077 – 1.3250
 

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