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The NZD takes back lost ground against the EURO.

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

5:17 PM (NZT) Interestingly the NZ dollar saw solid appreciation over the EURO to start the week. Much of the appreciation was driven by the absence of NZD selling that that was evident over the last few weeks, and attributed to NZD asset liquidations. The grinding appreciation saw the NZD move from .6000 support (1.6666 resistance) right through to .6100 resistance (1.6400  support). Further appreciation for the NZD will be harder fought from current levels, even given the vulnerability of the EURO. Today’s release of the weaker Chinese manufacturing numbers have softened the NZD, highlighting the direct influence of the Asian economy on the fortunes of the NZ dollar. Next week with have the lead provided for the wider market sentiment in the absence of any local NZ economic data.
 
The current interbank midrate is:                                                            NZDEUR .6087                               EURNZD 1.6428
                                                               
The interbank range so far this week to date has been:                 NZDEUR .5999 - .6103                EURNZD 1.6385 – 1.6669
Topics: Euro, NZD
 

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