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Whats happening with the NZ dollar against the YEN?

Written by Sam Coxhead on April 20th, 2012.      0 comments

4:37 PM (NZT) This week has been the battle of the two weakening currencies for this pairing. As a duo, they have both underperformed across the board. Initially the NZD was under pressure following the dismal Fonterra auction results. This drove the pairing to its lows and the strong support level of 65.50. Then it was the urn of the YEN to come under pressure as the various Bank of Japan officials have been on the news wires paying lip service to increasing quantitative easing at next week’s BOJ monetary policy meeting. The RBNZ meeting will produce little in the way of action , but the comments will be closely followed. The BOJ is the focus late Friday next week and expect whippy sideways price action in the interim, especially if the stock markets move lower.
 
The current interbank midrate is:                                                            NZDYEN 66.35                              
                                                               
The interbank range so far this week to date has been:                 NZDYEN 65.51 – 66.95               
 
 

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