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The NZD underperforms against the Pound Sterling.

Written by Sam Coxhead on August 31st, 2012.      0 comments

11:33 PM (NZT) The NZ dollar has underperformed the Pound Sterling this week. The downward revision of the Fonterra payout forecasts coupled with the NZ Finance Ministers comments provided the NZD weakness. An absence of UK economic data is probably been of benefit to the GBP. The consolidation through the .5050 (1.9800) level is needed to encourage another leg lower for the NZD. The speech by FED Chairman Bernanke at Jackson Hole later today, and the Chinese manufacturing numbers this weekend will provide the opening direction for next week. Certainly the Australasian currencies still feel vulnerable and a push lower from the NZD is not out of the question.
 
The current interbank midrate is:                                                            NZDGBP .5056                               GBPNZD 1.9778
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5039 - .5136                GBPNZD 1.9470 – 1.9845
Topics: NZD GBP
 

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