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Is the NZ dollar going to keep losing ground to the GBP?

Written by Sam Coxhead on November 18th, 2011.      0 comments

4:07 PM (NZT) The NZD has ground lower against the GBP throughout the course of this week. The positive sentiment to start the week following the passing of the 2012 Italian austerity budget last weekend was short lived. Throughout the week the global risk aversion has increased along with the cost of funding for most European economies. Most under pressure were Italian and Spanish debt, and the focus on these markets will remains a primary driver in the weeks to come. The positive retails sales number in NZ had no effect with the larger forces at play. The excess NZD funds in the market following the rolling off of the 8.8 billion NZD worth of Nov 2011 NZ government bonds has done little for the performance of the NZD also. Expect economic data to take a back seat to the debt market concerns next week. A break of the support at .4800 (resistance 2.0835) will keep those interested in buying NZD with GBP alert, as this opens up the way for another possible leg lower. The staggering of transfers at different levels is advisable whilst current market conditions persist, as volatility will remain high.
 
The current interbank midrate is:                         NZDGBP  .4815             GBPNZD 2.0768
                                                               
The interbank range so far this week to date has been:                 NZDGBP .4802 - .4923               GBPNZD 2.0313 – 2.0825
 

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