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Will the EURO see further pressure from the NZ dollar?

Written by Sam Coxhead on June 22nd, 2012.      0 comments

4:33 PM (NZT) The NZ dollar had a strong start to the week against the EURO. This was driven by a combination of factors, but of significance was the lack of follow through after the significant strong NZ GDP numbers. The FED decision not to action further QE at their monetary policy meeting has burst the enthusiasm for the NZ dollar for the time being at least. The resistance at .6300 (support 1.5875) remains strong and should certainly present a significant hurdle to further NZD appreciation in the short term. Expect this pair to remain volatile in the coming weeks, given the ongoing uncertainly on many levels in Europe.
 
The current interbank midrate is:                                                            NZDEUR .6280                               EURNZD 1.5924
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6209 - .6320                EURNZD 1.5823 – 1.6106
Topics: Euro, NZD
 

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