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The GBP moves higher against the NZD

Written by Sam Coxhead on April 20th, 2012.      0 comments

4:33 PM (NZT) In what has been a stand out performance the GBP has seen strong appreciation against the NZD throughout the course of this week. It has really been caused by the comments at and around the BOE monetary policy meeting minutes, and the lower chances of further QE as a result. There is evidence of covering of sold GBP positions from investors and this will have accentuated the move. The next target would be .5000 (2.000) for further GBP appreciation, but further ground from the current levels would appear to be harder fought. The RBNZ monetary policy meeting next Thursday should produce little in the way of surprises, but the accompanying statement will be closely watched. In the UK the preliminary GDP number will be the focus.
 
The current interbank midrate is:                                                            NZDGBP .5065                               GBPNZD 1.9743
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5058 - .5205                GBPNZD 1.9212 – 1.9770
 

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