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The US dollar has outperformed the NZD this week.

Written by Sam Coxhead on November 4th, 2011.      0 comments

3:28 PM (NZT) The NZ dollar started the week at the highs and sold off steadily from there. Stablisation came in at the .7920 support level before dipping down to the lows at .7803 as the risk aversion hit its peak yesterday with the Greek drama around the proposed referendum. The NZ employment numbers were of limited impact, as was the Fed’s monetary policy announcement for the most part. The European debt crisis will continue to dominate the headlines for the time being and the risk sentiment from those headlines will continue to be the main driver for this pair in the short term. Given the sentiment the odd are on for further US dollar appreciation in the short term. Whilst the risk aversion should remain in place overall, sharp spikes higher from the NZD similar to last week cannot be ruled out. This is because the markets remain relatively illiquid and the “speculative investors” often rush to reverse positions in a short period of time, accentuating moves.
 
The current interbank midrate is:                                                     NZDUSD  .7935    
                                                                                        
The interbank range so far this week to date has been:                 NZDUSD .7803 - .8154              
 

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