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Can the GBP maintain its momentum against the NZD?

Written by Sam Coxhead on April 27th, 2012.      0 comments

6:12 PM (NZT) The GBP has maintained its recent pressure on the NZD through the course of this week. This has been a solid performance considering the preliminary GDP numbers in the UK point towards technical recession, being the 2nd consecutive quarter of  economic contraction.  Similarly there has been little cheer about for the NZ economy, in the absence of any economic data. The current GBP strength has stalled at the not inconsequential .5020(1.9920) level, and certainly consolidation through this level is needed for any further gains from the GBP to be established. Current levels off good buying of NZD from a recent historical perspective. Next week the NZ employment numbers are the local NZ focus, meanwhile construction, manufacturing and services numbers offer further colour on the UK economy.
 
The current interbank midrate is:                                                            NZDGBP .5026                               GBPNZD 1.9896
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5023 - .5076                GBPNZD 1.9700 – 1.9908
 
 

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