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The volatility continues as the Australasian currencies play catch up.

Written by Sam Coxhead on July 13th, 2011.      0 comments

8:15 AM (NZT) The NZD and AUD have played catch up for most of last 24 hours , giving up ground across the board  but most notably to the safe haven Japanese YEN.
The volatility continued in the offshore session with mixed session for equities and commodities. A moody’s downgrade of Ireland will keep the pressure on the European periphery, while mixed messages came from the US Federal Open Market Committee meeting minutes. The minutes show there has been discussions around the possibility of further Quantitative Easing, but also the possibility that stimulus will have to be reduced more quickly than the market currently had priced in. This points towards little action from the Fed in the short term, and any move in 2011 can all but be ruled out at this stage.
Today Chinese GDP will be closely watched with an expectation of 9.5% for the second quarter.
    Last 24 hours trade
  Current level Low High
NZD/USD 0.8182 0.8111 0.8302
AUD/USD 1.0599 1.0526 1.0667
NZD/AUD 0.7720 0.7695 0.7774
AUD/NZD 1.2953 1.2863 1.2995
NZD/GBP 0.5143 0.5210 0.5127
NZD/EUR 0.5856 0.5936 0.5903
NZD/YEN 64.97 64.28 66.66
NZD/CAD 0.7902 0.7900 0.8039