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YEN maintains pressure on the NZ dollar.

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

4:23 PM (NZT) The Japanese YEN continued its grinding appreciation over the NZD this week. The escalation of the global risk aversion being driven by the European uncertainly has enabled easy appreciation for the YEN. Assisting the move has been the disappointing NZ retail sales numbers, and again weaker Fonterra diary prices. Given the current sentiment, further gains from the YEN cannot be ruled out in the short term. The BOJ monetary policy meeting next week will provide the primary focus for the week, with officials likely to pay lip service to currency intervention to stem progress of the YEN. Current level represent good value buying of NZD with YEN with those looking to stagger transfers from YEN to NZD.
 
The current interbank midrate is:                                                            NZDYEN 60.60                              
                                                               
The interbank range so far this week to date has been:                 NZDYEN 60.43 – 62.74             
Topics: JPY, NZD, YEN
 

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