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Has the NZD stablised against the GBP ?

Written by Sam Coxhead on May 18th, 2012.      0 comments

4:25 PM (NZT) After seeing a continuation of the recent GBP dominance early in the week, the NZD has finally found some demand over the last couple of sessions. The wider market risk aversion, coupled with weak NZ retail sales numbers and Fonterra diary auction results enabled an easy passage lower for the NZD. Only BOE murmurings about heightened concerns in Europe have seen the talk of further quantitative easing from the BOE increase. The QE speculation has seen a strong reversal of the GBP strength against the EURO, and this has fed through to other pairings, such as against the beleaguered NZ dollar. Whether the break in momentum for the pair can be sustained remains to be seen, but it is likely that further GBP gains from around the .4800(2.0830) level will prove harder fought. Current levels offer good value buying of NZ dollars for those looking to stagger funds transfers into NZ dollars from GBP.
The current interbank midrate is:                                                            NZDGBP .4835                               GBPNZD 2.0682
The interbank range so far this week to date has been:                 NZDGBP .4780 - .4881                GBPNZD 2.0488 – 2.0920
Topics: GBP, NZD