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Is the NZD likely to keep falling against the GBP?

Written by Sam Coxhead on October 6th, 2011.      0 comments

4:15 PM (NZT) The NZD has just managed to grind away in slow appreciation this week as markets have consolidated at current levels after the anecdotal news that the EU are preparing to provide bank aid to make sure the European financial system is strong enough to withstand some kind of default on debt from the likes of Greece. This has seen the level of fear reduce in the markets and the growth assets that have been under so much pressure over the last few weeks have seen a slight resurgence. Tonight’s BOE monetary policy announcement is the next large event for this pair. If the BOE move ahead of expectations and increase the QE program this evening, there is potential for the GBP to see some selling pressure, especially if the initiative is larger than the 75billion expected over the coming months. So long as the pair can remain below .5000 (above 2.0000) overtime there is room for further downside moves from the NZD, especially in periods of heightened risk aversion.
The current interbank price is:  .4950 (2.0202)
The interbank range on the week to date has been:   .4857/.4960 (2.0161/2.0589)