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What's been driving the NZD EUR this week?

Written by Sam Coxhead on September 15th, 2011.      0 comments

4:39 PM (NZT)
The pair has been relatively stable in what has been a volatile week so far in the wider market. Up until today the moves have been dominated by the ebbs and flows of fear around the possibility of a default of Greece on their debt repayments. As the fear increased, the EURO suffered and as markets have stablised a little over the last 24hours we see the EURO has taken back some of the recently lost ground. Today’s RBNZ monetary policy statement has pushed the NZD lower as the expected cash rate track over the coming year has been amended lower than in the previous statement. Direction from current levels will initially be in reaction from European investors to the RBNZ, and then back to the focus on the debt situation in Europe for the lead.
 
The current Interbank price NZD/EUR : .5945
 
The Interbank range so far this week NZD/EUR : .5933/.6028
 

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