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The NZDUSD pair sees a further sideways grind.

Written by Sam Coxhead on September 21st, 2012.      0 comments

2:00 PM (NZT) It has been a well contained range for this pair this week. This is not to say that there has not been significant news, but more a continuing battle of the two opposing forces. Global growth indicators continue to expose vulnerabilities in global growth, and this has placed downward pressure on the growth assets like the NZ dollar. Countering that pressure is the stimulation being provided by the large central banks around the world, with the BOJ the latest to add to their QE program this week. The positive GDP data locally in new Zealand was driven by the pickup in the long awaited Christchurch rebuild program, and a good local growing season for milk production coinciding in a bounce in the global diary prices due to drought hitting grain farms in the US. Short term direction from current levels remains unclear. There is demand for the NZD on any weakness, but the resistance at .8300 is providing solid resistance. Current levels offer good value buying of US dollars given the vulnerability in the global outlook. Expect further range trading to continue for this pair in the coming weeks as has been the theme for the majority of 2012 so far.
The current interbank midrate is:                                                            NZDUSD .8299  
The interbank range so far this week to date has been:                 NZDUSD .8210 - .8307
Topics: NZD USD