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Not much happening for the NZD against the Pound Sterling.

Written by Sam Coxhead on September 7th, 2012.      0 comments

2:07 PM (NZT) This pair has traded a very contained range this week. Both manufacturing and services numbers in the UK were much better than expected and provided some reasonable support for the Pound Sterling. The Fonterra result was what boosted the NZD, and this was boosted again by the formal announcement of the ECB debt market measures.  Breaking through the .5000 (2.0000) barrier is proving difficult for the pair and in the short term this will definitely provide a big test for further GBP appreciation. Expect a bit of NZ dollar demand to continue on from the ECB announcement in the short term. Next week’s RBNZ meeting should be of limited impact with no change in monetary policy expected in any way. Further contained ranges are likely in the short term.
 
The current interbank midrate is:                                                            NZDGBP .5031                               GBPNZD 1.9877
                                                               
The interbank range so far this week to date has been:                 NZDGBP .4993 - .5040               GBPNZD 1.9841 – 1.003
Topics: NZD GBP Pound Sterling
 

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