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The NZD underperforms against the Pound Sterling.

Written by Sam Coxhead on August 10th, 2012.      0 comments

11:39 AM (NZT) After seeing some initial appreciation against the GBP , the NZ dollar has steadily given up some of its recently gained ground. It has more been a case of NZ dollar underperformance as opposed to any outright GBP strength. Comments by NZ PM John Key undermined the NZD to start with and the weaker than expected NZ employment numbers added further to the momentum. A dropping off in the recent latent demand for the NZD was another contributing factor. Direction from the current levels is uncertain as the downside momentum has been arrested for the time being. Certainly the economic outlook in the UK is reasonably grim, and this is not changing in the short term. But in the GBP’s favour is the current stablising of the European debt markets, but action will be required in the coming weeks from the ECB and European leaders to maintain the current change in sentiment.
The current interbank midrate is:                                                            NZDGBP .5190                               GBPNZD 1.9268
The interbank range so far this week to date has been:                 NZDGBP .5177 - .5271                GBPNZD 1.8972 – 1.9316
Topics: NZD GBP