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The NZD momentum wanes a little against the GBP.

Written by Sam Coxhead on June 29th, 2012.      0 comments

3:40 PM (NZT) This pair has traded a very small range so far this week. The volatility may increase as the progress, or lack of, emerges from the EU summit. With little in the way of top tier economic data in either economy this week, the sideways price action has been driven by the wait for action in Europe. The Pair certainly seems to struggle upwards the resistance at .5100 (1.9600 support) and this level will likely provide a stern test for any NZD appreciation in the short term. Next week the focus will come from the UK in another absence of material economic data in NZ. The BOE’s monetary policy meeting on Thursday will be the highlight, with quite a lot of expectation of action from the BOE built into the GBP weakness at present. The pair sits appropriately mid-range for the week at current levels.
 
The current interbank midrate is:                                                            NZDGBP .5068                               GBPNZD 1.9732
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5048 - .5102                GBPNZD 1.9600 – 1.9810
 

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