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The NZDYEN pair sees contained volatility through out the week so far.

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

2:15 PM (NZT) This week has been an interesting one for this pair. We saw sideways movement ahead of the somewhat surprising BOJ announcement of their additional QE program. This saw the YEN understandably come under some reasonable pressure and this is when the pair hit the highs for the week. The YEN weakness did not last for long unfortunately for the BOJ, and with 24 hours the pair saw the NZD pushed down to the lows. However the latent demand for the NZ dollar saw the dip was contained, and since then the pair has drifted back to levels at which it started the week. The BOJ remain determined to curb YEN strength, albeit historically they have not been significantly successful. Having consolidated through the 64.50 level, there appears to be further upside for the NZD from current levels in the short term at least. Resistance will likely be found up around 66.00, and presents a an initial target for further NZD strength.
 
The current interbank midrate is:                                                            NZDYEN 64.97                              
                                                               
The interbank range so far this week to date has been:                 NZDYEN 64.07 – 65.70              
Topics: NZD YEN JPY
 

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