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NZ Dollar makes back ground againist the Pound Sterling

Written by Sam Coxhead on October 13th, 2011.      0 comments

5:45 PM (NZT) The NZD has steadily appreciated over the Pound Sterling throughout this week. This has been driven by a couple of factors. Of most consequence has been the sharp and unexpected return of the general market risk appetite. Most positive talk for European authorities, whilst short on detail, has helped energise investors. The uptick in the US economic numbers is also adding to the tone. The rhetoric from BOE officials with regards to their further efforts on QE, has likely undermined the Pound Sterling also. The level of .5100  (GBPNZD 1.9600) remains the next target for this pair. If we see a return to risk aversion before the end of the week, a close below .5000 (above NZDGBP 2.000), will keep those looking to move GBP into NZD interested.
 
The current interbank price is:.5045  (GBPNZD 1.9822)
                                                               
The interbank range on the week to date has been:   .4929 - .5071  (GBPNZD 1.9791 - 2.0288)
 

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