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What's been driving the NZD USD this week?

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

4:35 PM (NZT)
The NZ and US dollar pair have been reasonably volatile, but within a contained range. The recent volatility and heightened uncertainty have seen the US dollar in demand  at times when the European debt fears build, and trade a little softer as things stablise and the equity markets have take back some of their lost ground. Building into this morning’s RBNZ monetary policy statement the NZ performed well, making up a little ground against most of its trading partners. Since the statement and the realization that the RBNZ have a somewhat lower interest rate track projected over the coming year, we have seen the NZD weaken as the interest rate differentials contract. In the coming sessions there is a reasonable chance we will see this pair test its recent lows, especially if another round of risk aversions hits the market. Expect further support at .8050 and then .8000.
 
The current Interbank price NZD/USD : .8138
 
The Interbank range so far this week NZD/USD : .8115 - .8271
 

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