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The GBP is softer against the NZ dollar.

Written by Sam Coxhead on July 6th, 2012.      0 comments

4:44 PM (NZT)The NZ dollar has seen grinding appreciation against the GBP this week. The GBP has really seen pressure across the board and has been dragged lower by the beleaguered EURO. Interestingly the BOE decision to increase its QE program had little bearing on the performance. The UK economy is really struggling for growth. Its sick Euro-zone neighbor is proving to be a real hamstring to the UK recovery. Current levels represent good value buying of NZD with GBP, albeit there may be room for further Pound Sterling underperformance in the near term. The lead will continue to come from the wider market in the short term, in the absence of material economic data in NZ next week.
 
The current interbank midrate is:                                                            NZDGBP .5168                               GBPNZD 1.9350
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5091 - .5184                GBPNZD 1.9290 – 1.9643
 
 

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