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Whats going on in the NZD AUD pair this week?

Written by Sam Coxhead on November 4th, 2011.      0 comments

3:15 PM (NZT) This pair has established a tight range over the last 10 days or so between .7600/.7700 ( 1.2990/1.3160). The rate cut by the RBA has not been enough to see the NZD appreciate. The prospect of any hiking in the cash rate in NZ now is likely to be off the agenda until mid 2012 at least and this partially explains the NZD softness. The market fully expects the RBA to cut again in December , and overtime this should see the NZD appreciate back against the AUD. Current levels look attractive to buy NZD with Australian dollars. Today’s RBA quarterly Monetary Policy Statement will shed further light on RBA expectations throughout 2012 and will be closely watched.. The NZD needs to consolidate through the .7700 (1.2990) level to open up the way for another leg higher.
 
The current interbank midrate :  NZDAUD .7630                    AUDNZD 1.3106
                                                               
The interbank range so far this week to date has been:     NZDAUD .7600 - .7724                                                                                                  AUDNZD 1.2946 – 1.3157
 

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