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The NZDUSD pair is again stuck in its familar range.

Written by Sam Coxhead on August 24th, 2012.      0 comments

5:30 PM (NZT) It has been a week of choppy trading for this pair. The price action has been contained within its broader recent .8000 - .8200 range. The largest move game with the US dollar weakness following the release of the FED monetary policy meeting minutes. These “dovish” minutes apparently point towards imminent further monetary easing in the US. The market certainly rushed to sell the greenback, but we have seen a subsequent reversal of a good portion of the move as the focus goes to the Jackson Hole central bankers symposium towards the end of next week. Expect the FED’s Bernanke to offer fresh insight to the thinking on monetary policy. In the meantime, there is little to point towards a move out of the broader range. The inability of the equity markets to move higher following the FED minutes, points toward to limited upside for the NZD in the short term.
 
The current interbank midrate is:                                                            NZDUSD .8129  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .8058 - .8189
Topics: NZD USD
 

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