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The GBP outperforms the NZD and approaches key levels.

Written by Sam Coxhead on November 11th, 2011.      0 comments

5:18 PM (NZT) This pair was reasonably stable early on in the week before the wider market risk aversion increased as the European debt issues escalated. As the risk aversion increased the NZD again came under pressure from the GBP. The GBP had a little moment thanks to heavy buying of the GBP/EUR pair that spilled over to other currencies, including the NZD.  Adding a little to momentum overnight was also the fact that the BOE did not increase the amount of quantitative easing (QE) being used at their monetary policy meeting. So bank reports had speculated that they would increase the QE, so the GBP saw relief buying when this did not eventuate. Next week after NZ retail sales numbers on Monday, the focus will be in the UK. Inflation numbers are due Tuesday, the BOE inflation report Wednesday and retail sales figures Thursday, will all be watched. The NZD will be supported on further weakness as many people that have been patiently waiting to transfer GBP into NZD start to emerge. Staggering of transfers is a good strategy for this pair.
The current interbank midrate is:                                                            NZDGBP .4870                               GBPNZD 2.0534
The interbank range so far this week to date has been:                 NZDEUR .4859 - .4981                GBPNZD 2.008 – 2.0580