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The NZ dollar pushes towards resistance against the GBP.

Written by Sam Coxhead on September 28th, 2012.      0 comments

2:25 PM (NZT) This pair continues to trade within a familiar and well contained range. The contained range has been a function of both currencies seeing periods of good demand. The NZ dollar seems to have the upper end as we approach the end of the week. Once again the bulk of the NZD demand is coming on the back of the NZDAUD pair and spilling across into other pairings. Current levels are not far from the significant .5150 (1.9420) NZD resistance (GBP support) and this will provide a good test for any further NZ dollar demand. Next week the focus will likely come from the UK in the absence of any material NZ economic data. UK manufacturing and construction data come ahead of the BOE monetary policy decision on Thursday. Further appreciation is likely to be harder fought for the NZ dollar from current levels.
 
The current interbank midrate is:                                                            NZDGBP .5134                               GBPNZD 1.9478
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5050 - .5136                GBPNZD 1.9470 – 1.9801
Topics: GBP NZD
 

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