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The NZD back under pressure from the GBP.

Written by Sam Coxhead on November 9th, 2012.      0 comments

1:18 PM (NZT) The NZD initially saw some good demand against the GBP this week and managed to push through the familiar resistance at .5150 (1.9420). However, following the US election result the wider market risk aversion saw the NZD under some pressure. Then came yesterday’s woeful NZ employment numbers , and since then the NZD demand has evapourated for the most part. Even after such a swift move, the pair remains in somewhat familiar territory for the time being. In the absence of material economic data next week in NZ, the pair will likely take its lead from sentiment in the wider market. Concerns in the US over the fiscal situation into the end of the year should contain general risk appetite, and this will contain any chance of a sharp bounce in the NZD in the short term. Further NZD weakness can not be ruled out, but expect some decent support at the .5050 (resistance 1.9800) level.
The current interbank midrate is:                                             NZDGBP .5092                      GBPNZD 1.9640
The interbank range so far this week to date has been:  NZDGBP .5085 - .5187       GBPNZD 1.9279 – 1.9666
Topics: NZD GBP