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Mixed week for the NZD sees the Pound Sterling keep the pressure on.

Written by Sam Coxhead on September 30th, 2011.      0 comments

2:39 PM (NZT) This pair has had a mixed week in terms of price action, but the bias remains to the down side as the global risk aversion continues. Today’s NZ credit downgrade accelerated the NZD selling across the board and against the GBP was no exception. The subsequent move by rival credit agency Moody’s to re-affirm its current NZ credit rating at AAA has stemmed the NZD fall for the time being. The .4900(2.0410) level remains the key in the short term. A consolidated break of this level should herald another leg lower for the NZD. Heading into next week the lead will be provided for the most part from the overall market risk appetite. If the equity and commodity markets find room to rally, the NZD will follow suit. Eyes remain on the European debt situation to set the tone. The BOE meeting on Thursday next week will be closely watched
 
The current interbank price is:                                                                  .4932 (2.0275)
The interbank range on the week to date has been:                       .4901/.5070 (1.9724/2.0404)
 

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