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The NZD under pressure against the US dollar.

Written by Sam Coxhead on November 9th, 2012.      0 comments

12:57 PM (NZT) The NZ dollar has seen some pressure from the US dollar this week. The US election result put the pressure on the global equity markets and this initially boosted the demand for the US dollar. However, the big lead came from the horrible NZ employment numbers released yesterday. The jump in the Unemployment rate from 6.8% to 7.3% is a real surprise, and brings into question the validity of the survey in my view. But in the short term , the demand for the NZD is undoubtedly tempered. The big question is how far the market will start looking for an easing from the RBNZ. Solid support can be expected at .8080, if the pair consolidates at current levels below the .8150 level. Expect increased volatility into the end of the year as the US deal with their fiscal pressures. The economic data in NZ will be very closely monitored in the short term, and the numbers will be of direct impact to the price action if expectations from the RBNZ start to gain momentum.
The current interbank midrate is:                                                  NZDUSD .8138 
The interbank range so far this week to date has been:                 NZDUSD .8135 - .8309
Topics: NZD USD