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NZD loses momentum against the Pound Sterling

Written by Sam Coxhead on October 20th, 2011.      0 comments

1:15 PM (NZT) The NZDGBP pairing has been relatively stable so far this week. With little in the way of economic data in NZ, the focus has been on the UK. The higher than expected UK inflation number did cause the GBP to soften, but the NZD gains have now been eroded. This is because any kind of definitive conclusion to European debt woes is increasingly unlikely from the summit this weekend. As a result the market has again turned a little risk adverse, with the NZDUSD as per usual, suffering more than the GBPUSD does, in these situations. The BOE monetary policy meeting minutes held little surprise and for the remainder of the week the UK retail sales number later today will be the focus. Next week importantly sees NZ inflation numbers and the RBNZ monetary policy decision as the focus. In the meantime, general market appetite for risk will most likely provide the lead for this pair, with the risk appetite being driven by the perceived level os possible success in Europe on Sunday, at the EU summit.
 
The current interbank midrate is:        .5030                     (GBPNZD             1.9880)
                                                               
The interbank range so far this week to date has been:  .4995 - .5104 (GBPNZD 1.9592 - 2.002)
 

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