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Whats happening with the NZD against the Australian dollar?

Written by Sam Coxhead on May 11th, 2012.      0 comments

5:28 PM (NZT) It has been an interesting week again for this pair. Early on, the NZD saw pressure as the NZ interest rate markets pushed yields to extremely lows levels, undermining demand for NZ dollars. The subsequent partial recovery in the rates market, has seen the NZD stablise and start to edge back up against the AUD. The AUD was buoyed by yesterday’s strong headline employment number, albeit its gains short lived. Ironically the headline strength was not backed up by the underlying detail, the opposite of the NZ employment report last week. For further NZD appreciation the .7830 (1.2770) level remains the initial target. It would surprise to see further downward pressure on the NZD from the current levels in the short term. The Chinese data of higher than expected inflation and lower demand for imports are seen as slight negatives for the AUD.
 
The current interbank midrate is:                                                            NZDAUD .7792                            AUDNZD 1.2834
                                                               
The interbank range so far this week to date has been:                 NZDAUD .7767 - .7827             AUDNZD  1.2762 - 1.2875
 

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