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What has moved the NZD / USD this week?

Written by Sam Coxhead on September 8th, 2011.      0 comments

5:50 PM (NZT) Interbank range so far this week : .8202   .8453    Current interbank rate: .8327
For the most part the market started the week with general risk aversion and this saw the NZD under pressure from the USD. Causing consternation was the pending German Constitutional Court’s decision on the legality of the German Governments contributions to the bailout of Euro-zone peripheral members, such as Greece. The NZD started to find some support from on the back of the generally stronger AUD following positive news from the most part in Australia. This coupled with a positive outcome from the German court decision, generally paved the way for NZD appreciation.  Now the focus will move to respective speeches from President Obama and US Fed chairman Bernanke. Obama will speak about new jobs initiatives being announced to the tune of 300 billion dollars. The question will be where is intending to cut spending from in order to pay for this new program. Bernanke will speak on the state of the US economy and any comments with regards to monetary policy will be closely watched. Expect the recent  range .8200-.8550 wider range  to prevail in the near term, in the absence of any surprise announcements from the weekends G7 meeting.