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UK GDP data sees the Pound Sterling sold..

Written by Sam Coxhead on January 26th, 2011.      0 comments

10:30 AM (NZT) Softer than expected GDP data in the UK saw the NZD and AUD gain between 1 and  2% against the GBP overnight.

Preliminary GDP data for the 3rd quarter in the UK saw a -.5% fall in GDP relative to the 2nd quarter. This was against a market expectation of a +.5% rise in activity. Upon release , most of the softness in the number was put down to the horrific weather conditions experienced that kept people indoors and economic activity low. Recent suggestions that the Bank of England would be forced to raise interst rates earlier than expected have been quashed by this number. This reduction in the short term interest rate profile saw the GBP sold agressively against almost all trading partners.

The NZD performed better than the AUD after yesterday's softer than expected CPI number in Australia.

Meanwhile, The EURO maintained it's recent bullish run , although it has stalled at the 1.3700/20 level against the USD , it what is significant resistance. Liquidity levels have been low, so expect more volatility in the Asian timezone session ahead, even given the bank holiday in Australia for "Australia Day".

    Last 24 hours trade
  Current level Low  High
NZD/USD 0.7690 0.7622 0.7692
AUD/USD 0.9975 0.9890 0.9993
NZD/AUD 0.7709 0.7642 0.7714
AUD/NZD 1.2972 1.2963 1.3085
NZD/GBP 0.4859 0.4776 0.4859
NZD/EUR 0.5617 0.5590 0.5622
NZD/JPY 63.15 62.78 63.26
NZD/CAD 0.7660 0.7579 0.7661