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Forex: AUD/NZD hovers above 1.28; RBNZ says has little control over NZD

By FXstreet.com,  June 13, 2012, 10:54:00 PM EDT

FXstreet.com (San Francisco) - The New Zealand dollar has shed all of its overnight gains against the Australian dollar this Thursday in Asia, after comments from RBNZ's Bollard suggesting more optimism towards progress on Christchurch rebuild.

AUD/NZD has slid to as low as 1.2800 from 1.2851 at the Asia-Pacific opening, last quoted in the 1.2815 price zone to record a 0.3% loss on the day.

Bollard was also quoted saying that there is little the central bank can do to influence the New Zealand dollar given that the main drivers are offshore. He says the exchange rate remains "above the level one would sustainably like to see it at for New Zealand's competitiveness" but "it's not because of New Zealand distortions but because of distortions in the international community," he told a parliamentary commission.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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