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The NZ dollar loses its momentum against the Pound Sterling.

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

4:33 PM (NZT) This pairing has been relatively stable so far this week. The GBP has finally managed to stem the NZ dollar appreciation. The NZD was pushed to the lows of the week following the lower than expected inflation data in New Zealand. The .5080 remains some solid support (1.9685 resistance) for any NZD weakness in the short term. Expect the tight range to continue into next week. The focus in NZ will be  the RBNZ monetary policy decision on Thursday, but this should be of limited impact. In the UK the preliminary GDP numbers on Wednesday will be closely watched. A second consecutive quarter of economic contraction (negative growth)  would constitute a technical recession and likely see the NZD outperform ion the short term.
 
The current interbank midrate is:                                                            NZDGBP .5108                               GBPNZD 1.9577
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5076 - .5133                GBPNZD 1.9482 – 1.9700
 

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