4:30 PM (NZT) The NZD has been under subtle, but constant pressure from the mildly resurgent EURO this week. It has been interesting to see how this has played out so far. Apart from progress in Greece, the EUR demand has also been fanned by solid German business sentiment numbers, and talk of a lower than previously expected up take of the next batch of LTRO funds from the ECB. Having broken various resistance levels again a range of different currencies, the EURO appreciation may have a little room to move yet.  Further focus on the upcoming LTRO will continue to increase next week. Business confidence numbers in NZ on Wednesday will be closely watched, as will the barrage of economic indicators in Europe.
 
The current interbank midrate is:                                                            NZDEUR .6261                               EURNZD 1.5972
                                                               
The interbank range so far this week to date has been:                 NZDEUR .6234 - .6367                EURNZD 1.5706 - 1.6041