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The NZD underpressure from the Canadian dollar.

Written by Sam Coxhead on August 10th, 2012.      0 comments

12:02 PM (NZT) The NZ dollar has shown distinct weakness against the CAD this week. The underperformance has been driven by multiple factors. NZ PM John Key waded into market sentiment with comments on the NZD vulnerability that were reported on Bloomberg. The Prime Ministers verbal intervention was added to by yesterdays disappointing NZ employment numbers. A pulling back in the recent latent demand for NZ Govt Bonds, and therefore the NZ dollar has also contributed significantly to the reduced sentiment. The weakness seems to have been arrested by the NZ dollar for the time being. Canadian employment numbers are due for release later on today, and these will provide direction in the short term.
 
The current interbank midrate is:                                                            NZDCAD .8046                             
                                                               
The interbank range so far this week to date has been:                 NZDCAD .8032 - .8217               
Topics: NZD CAD
 

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