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The NZDYEN pair bounces back to familar ground.

Written by Sam Coxhead on July 27th, 2012.      0 comments

3:40 PM (NZT) It has been a volatile week for this pair, as like many others. The intense risk aversion early in the week saw the NZD under some intense pressure from the safe haven Japanese YEN. Then came the RBNZ and their measured statement accompanying their unchanged monetary policy statement. This stemmed the NZ supply and the demand started pick up. The powerful words from the ECB head overnight provided real energy for another leg higher for the NZD and the resistance at 63.30 is the target for further NZD appreciation. For this to happen, the positive sentiment from last night will have to continue in the coming sessions. The 62.00/64.00 range looks likely to re-emerge in the short term.
 
The current interbank midrate is:                                                            NZDYEN 62.70                             
                                                               
The interbank range so far this week to date has been:                 NZDYEN 60.97 – 62.81             
Topics: NZD JPY YEN
 

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