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What has pushed the NZD lower against the EURO this week?

Written by Sam Coxhead on March 23rd, 2012.      0 comments

4:47 PM (NZT) The EURO has spent much of this week putting pressure on the New Zealand dollar. It was almost one way traffic all week until last night’s partial turn around, following the weaker than expected manufacturing data in Europe. Consolidation below the .6180 level (above 1.6181), is crucial to enable the pairing to return to more historically average levels. The lead for the next week will almost entirely come from the wider market risk appetite, as there is limited data due for release in either economy. Clear direction on the European “firewall” from the EU summit, would pave the way for easier outperformance by the EURO.
 
The current interbank midrate is:                                                            NZDEUR .6140                               EURNZD 1.6286
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6096 - .6277                EURNZD 1.5931 - 1.6404
 

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