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The NZDGBP pair grinds back to familiar territory.

Written by Sam Coxhead on October 19th, 2012.      0 comments

5:01 PM (NZT)The NZD saw some serious pressure from the GBP earlier this week. The pressure came in the wake of the lower than expected NZ inflation number. However the pressure was short lived as the wider markets increased risk appetite managed to drag the NZ dollar from its lows and consolidate back through the important .5050 (1.9800) level. This was aided by the continuation of the recovery of prices fetched at the Global Dairy Auction. The good news from the UK employments numbers curbed further NZ dollar appreciation for a time and the pairing finds itself back in very familiar territory as it flirts once again around the .5100 (1.9600) level. Tuesday provides the focus time next week, with the RBNZ monetary policy meeting coming ahead of the preliminary 3rd quarter GDP numbers. Expect further appreciation from current levels to be hard fought for the NZ dollar, as the pair approaches the extremes (.5130- 1.9500) of the recent range. 

The current interbank midrate is:                                                 NZDGBP   .5102                GBPNZD  1.9600
                                                           
The interbank range so far this week to date has been:               NZDGBP  .5035 - .5106      GBPNZD  1.9585 - 1.9861
 

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