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Further sideways movement from the NZD GBP pairing.

Written by Sam Coxhead on March 16th, 2012.      0 comments

1:16 PM (NZT) The NZ dollar came under pressure from the Pound Sterling this week. Main driver was the lowered the chances of further quantitative easing from the US Federal Reserve. As this means the gap between NZ and US interest rates closed, the NZD came under pressure from the USD, whilst the GBP was little impacted. The NZD regained some of its lost ground overnight, after the downbeat comments from the BOE. This leaves the pairing in what has become very familiar territory. Bias is to the downside for the NZ dollar, but expect the broader .5150 - .5300 (1.8870 - 1.9420) range to remain in place for the time being, especially if growth indicators in Asia show stablisation in the coming week.
 
The current interbank midrate is:                                                            NZDGBP .5211                              GBPNZD 1.9190
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5146 - .5258                GBPNZD 1.9019 - 1.9433
 

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