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The NZD under pressure from increased demand for EURO.

Written by Sam Coxhead on November 16th, 2012.      0 comments

2:14 PM (NZT) The NZ dollar initially made a little ground against the EURO this week. But following the disappointing NZ Q3 retail sales number, the NZ dollar has been under constant pressure. The market expected worse growth numbers from Europe and the bias was towards contract in Germany and/or France. A positive result for both has seen the EURO in demand and this has added to the NZD pressure. The pair sits just off the NZD support level of .6325 (EUR resistance 1.5810), and further attempts at breaking that level are likely. Expect the focus to come from Europe next week , with little in the way of NZ economic news due for release.
 
The current interbank midrate is:                                             NZDEUR .6340                      EURNZD 1.5773
                                                                                         
The interbank range so far this week to date has been:  NZDEUR .6322 - .6460       EURNZD 1.5480 – 1.5818
Topics: NZD EUR
 

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