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The US dollar seems unable to place further downward pressure on the NZD.

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

6:15 PM (NZT) This week has again seen further sideways price action in what has been a contained range. Global sentiment being what it is , the NZD does feel like it should be under further pressure, but the balance is the potential for the FED to again fire up the printing presses and initiate further QE. Both the FED and RBNZ monetary policy meetings were relatively uneventful as expected, with both central banks paying lip service to lower their respective currencies. The US GDP number tonight should prove to be closely watched. While most do not expected further QE from the FED in the near term, the fact it remains a tool ready for use points towards further range trading for this pair. Real cracks would have to open up in the Asian growth profile to send the NZD demonstrably lower at this juncture. Both NZ and US employment numbers next week will provide ample focus.
The current interbank midrate is:                                                            NZDUSD .8133  
The interbank range so far this week to date has been:                 NZDUSD .8083 - .8190