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The NZD pushes to resistance against the GBP.

Written by Sam Coxhead on June 7th, 2012.      0 comments

3:41 PM (NZT) The NZ dollar has seen grinding appreciation over the Pound Sterling so far this week. In what has been an unexpected performance, the price action has almost been one way. A bounce in the Fonterra diary auction prices has helped sentiment for a start. The RBA action, and very strong Q1 GDP number in Australia has also boosted demand for the closely aligned NZD. Adding further to the upward pressure for the NZD has been the rhetoric flowing from various central bank officials. Further stimulation is likely on the cards if the wider global economy continues to soften. The psychological level of .5000(2.0000) is the next target for NZD appreciation, although it does feel like further appreciation will be harder fought from current levels. The BOE meeting later on today remains the focus of the week, and will drive immediate price action if the BOE add to their QE program.  
 
The current interbank midrate is:                                                            NZDGBP .4970                               GBPNZD 2.0121
                                                               
The interbank range so far this week to date has been:                 NZDGBP .4885 - .4979               GBPNZD 2.0084 – 2.0470
Topics: GBP, NZD
 

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