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The GBP bounces back against the NZ dollar.

Written by Sam Coxhead on June 22nd, 2012.      0 comments

4:32 PM (NZT) It has been an interesting week for this pair. For the most part the NZ dollar saw grinding outperformance of the Pound Sterling. This performance now looks attributable to the market anticipation for further QE initiatives from the US Federal Reserve at their monetary policy meeting. Adding to the upside momentum was certainly the strong NZ GDP number. The release of the news that the FED kept its QE powder dry for another time has seen all growth asset markets move lower, and the NZD has softened in line with this. The stronger than expected UK retail sales number yesterday has also helped the GBP take back lost ground. So the market is back to relative no man’s land , with the current rate being almost right in the middle of the range traded in the last 12 months.
 
The current interbank midrate is:                                                            NZDGBP .5050                               GBPNZD 1.9800
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5019 - .5099                GBPNZD 1.9612 – 1.9924
Topics: GBP, NZD
 

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