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The NZD GBP pair rermains trapped in a familiar range.

Written by Sam Coxhead on October 12th, 2012.      0 comments

1:25 PM (NZT) The NZ dollar saw some reasonable demand against the Pound Sterling to start the week, but the demand was not enough to break out of what has become a very familiar range of late between .5050 - .5125 (1.9510 – 1.9800). Limited economic data for either economy has seen the lead for the pair has come from elsewhere for the most part this week. The NZ dollar has softened across the board since the stronger than expected Australian employment numbers saw some decent NZD selling against the AUD spill over into other pairs. Should the NZD continue to soften, expect initial NZD support at .5080 (1.9685) ahead of the more substantial support at .5050 (1.9800). Expect the pair to remain pegged in this now familiar range in the short term. Next week the respective inflation reports, and BOE monetary policy meeting minutes will provide the focus.
 
The current interbank midrate is:                                                            NZDGBP .5090                               GBPNZD 1.3277
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5057 - .5134                GBPNZD 1.9478 – 1.9774
Topics: NZD GBP
 

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