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Whats been happening with the NZD against the US dollar this week?

Written by Sam Coxhead on October 20th, 2011.      0 comments

2:05 PM (NZT) The NZ dollar lost its upside momentum against the US dollar this week. Whilst US data remains positive for the time being, after deteriorating in August, most of the movement on the pair has been driven by the unfolding of events in Europe, and the wider market sentiment that has resulted from these developments. This sentiment has turned negative, with the NZD losing the upward momentum as a result. This weekend the highly anticipated EU summit is where the French and German plans to stablise the debt crisis will likely be unveiled. Sentiment towards the success of the summit has softened as the week has progressed. Expect further sideways movement between support at .7850 and resistance at .8050, for the remainder of the week. The focus returns to New Zealand next week, with the inflation numbers on Tuesday and the RBNZ Thursday. In the US the main focus will be on the advanced GDP numbers on Thursday.
The current interbank midrate is:      .7940
The interbank range so far this week to date has been:                 .7855 - .8070