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The NZ dollar bounces against the GBP.

Written by Sam Coxhead on June 1st, 2012.      0 comments

5.15PM (NZT) The NZ dollar has spent the week taking back some of the ground it has lost to the Pound Sterling over the previous few weeks. With the recent market wide liquidation of NZD assets apparently now complete, the NZD saw demand gradually climb in the absence of any local economic data. In the UK further murmurings above further QE from various BOE officials paved the way for the NZD appreciation. Further gains from the NZD are likely to be harder fought from current levels, as further evidence of a slowing Asian economy comes to hand. With the BOE unlikely to make a change to monetary policy next week, expect the wider market appetite for risk to provide the bulk of the lead.
 
The current interbank midrate is:                                                            NZDGBP .4885                               GBPNZD 2.0470
                                                               
The interbank range so far this week to date has been:                 NZDGBP .4812 - .4898                GBPNZD 2.0416 – 2.0781
 
Topics: GBP, NZD
 

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