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Is the GBP finally poised to materially bounce against the NZ dollar?

Written by Sam Coxhead on October 26th, 2012.      0 comments

2:52 PM (NZT) It has been an interesting week for this pair, as sharp moves have been seen whilst it remains in a reasonably contained range. Yesterday’s RBNZ statement provided a nice boost to the NZD demand only to have the stellar UK GDP result sharply reverse its moves later on in the day. Further pressure was seen on the NZD this morning following the Wheeler speech and the downside surprise to the Amazon and Apple results.  Expect the contained range to continue into next week. If the GDP induced positive sentiment in the UK economy can continue, we will eventually see sustained pressure on the NZ dollar from the Pound Sterling. An initial target of .5050 (1.9800) will provide the first hurdle, should the GBP finally be ready to return closer to more historically average levels.
 
The current interbank midrate is:                                             NZDGBP .5083                              GBPNZD 1.9673
                                                                                         
The interbank range so far this week to date has been:  NZDGBP .5058 - .5132               GBPNZD 1.9485 – 1.9770
Topics: NZD GBP
 

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