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Time to buy NZD with your USD? Could it go lower?

Written by Sam Coxhead on May 18th, 2012.      0 comments

4:22 PM (NZT) The NZD has again seen sustained pressure from the US dollar this week. The concerns in Europe have driven widespread risk aversion taking its toll on the NZD demand. Compounding issues was the weak retail sales numbers in NZ on Monday, along with dramatically lower diary auction prices posted by Fonterra. So with the US dollar being a main beneficiary of the risk aversion, and softer indicators for growth in NZ, expect the pressure to remain on the NZD in the short term. Attempts to bounce (along with the AUD) have been limited so far in this move, but would not surprise at some stage. Further escalation of concerns in Europe will likely see central bank activity at some stage stablise markets and turn sentiment for the growth assets, of which the NZ dollar is one.
 
The current interbank midrate is:                                                            NZDUSD .7636  
                                                                                         
The interbank range so far this week to date has been:                 NZDUSD .7619 - .7843
Topics: NZD, USD
 

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