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The NZD takes back lost ground against the CAD.

Written by Sam Coxhead on June 7th, 2012.      0 comments

3:45 PM (NZT) The NZ dollar has seen a very surprising jump against the CAD this week. The moons have certainly all briefly aligned for the NZD, as it has seen a boost from Australasian factors , whilst the USD has dragged the CAD lower. The positive Fonterra auction results started the positive sentiment for the NZD, and this was quickly backed up by the RBA action and stellar Q1 GDP and employment results in Australia. The pressure on the USD, and CAD by association has come from the increased volume of central bank rhetoric pledging monetary policy support if the weaker global outlook continues. Whether or not the bounce in sentiment can be sustained remains to be seen. Certainly the potential for the crisis to deepen in Europe still remains and the 17th June Greek elections loom large as a back drop to this current enthusiasm.
 
The current interbank midrate is:                                                            NZDCAD .7908                              
                                                               
The interbank range so far this week to date has been:                 NZDCAD .7813 - .7928              
Topics: NZD CAD
 

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