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The NZD under pressure from the Pound Sterling this week.

Written by Sam Coxhead on November 4th, 2011.      0 comments

3:30 PM (NZT) The NZ dollar has been under pressure from the Pound Sterling for much of this week so far. The NZD started off on the highs and hit its lows yesterday as the wider market risk aversion hits its highs as the Greek debt tensions  looked like completely boiling over. Since Greek PM Papandreou has cancelled his referendum on the Greek bailouts, the risk aversion has tapered off and the NZD has made a partial recovery. Expect the wider market to continue to drive moves in this pair in the short term. A consolidated move below .4900 (above 2.0410) is needed to herald another move lower by the NZD. Before that happens , around current levels look reasonable buying of NZD with GBP, especially for those looking to stagger the transfer of funds from the UK to New Zealand.
 
The current interbank midrate is:NZDGBP .4956                               GBPNZD 2.0178
                                                               
The interbank range so far this week to date has been:                  NZDGBP .4911 - .5094                GBPNZD 1.9631 – 2.0362
 

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