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Has the NZ dollar peaked against the GBP?

Written by Sam Coxhead on February 17th, 2012.      0 comments

5:28 PM (NZT) Following the better than expected NZ retail sales numbers on Wednesday, the NZ dollar hit six month highs against the Pound Sterling. However the retreat from the highs was swift, as the risk aversion increased as concerns about the Greek bailout funds rose. Ironically the strong Australian employment numbers saw the NZD under pressure on all cross rates, as resultant NZD selling against the AUD, flowed through to other pairings. With little NZ economic data next week, the lead will likely come from the UK, and wider market appetite for risk. As always, negative news in Euro zone developments, will lead to a drop in the risk appetite, and a corresponding drop in demand for the NZD. Further headway from the NZD will be harder fought from current levels, as was evidenced this week.
 
The current interbank midrate is:                                                            NZDGBP .5297                               GBPNZD 1.8879
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5254 - .5364                GBPNZD 1.8642 - 1.9033
 

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