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Whats happened to the NZD against the AUD this week?

Written by Sam Coxhead on May 18th, 2012.      0 comments

4:30 PM (NZT) The AUD has continued to place pressure on the beleaguered NZ dollar throughout this week so far. The weaker NZ retail sales and Fonterra diary auction results have helped ease the passage lower for the NZ dollar. The NZ dollar has managed to avoid consolidation through the .7700 (1.2990) level for the time being, and this is crucial for it avoiding another leg lower on this pairing. Next week there is little in the way of domestic drivers of price action in either economy, so direction will be solely demand driven. The NZD is lower across the board again this week and this should see the probability of a cash rate cut from the RBNZ next month diminish. If this happens the NZD should find support against the AUD. From the AUD perspective, any further news from on the Chinese economy will be of impact. Metals markets have found support overnight, and this will add to demand for the AUD.
The current interbank midrate is:                                                            NZDAUD .7721                            AUDNZD 1.2951
The interbank range so far this week to date has been:                 NZDAUD .7683 - .7815             AUDNZD  1.2796 - 1.30.16
Topics: AUD, NZD