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Volatile week for the NZD GBP pair sees the NZD coming out on top

Written by Sam Coxhead on October 28th, 2011.      0 comments

1:45 PM (NZT) This pairing spent the start of the week muddling around with first of all a little NZD strength. Then came Tuesday’s lower than expected New Zealand inflation data and the NZD gave up its modest gains and set the lows for the week. For those looking to transfer GBP into NZD , it was starting to look encouraging. Then the RBNZ held the cash rate steady, but surprisingly made a comment about raising the cash rate if needed, and this saw the NZD start to appreciate. As the EU summit started the NZD upside momentum once again started build. After the announcement that the final goal had been reached in the agreement of the 50% voluntary write down of Greek debt, the wider market risk appetite took off the and NZD went with it. This was helped by the positive US economic data. This move has been driven partly by the better news and partly by the very aggressive reversal of risk aversion trades by investors. Current levels offer good value buying of GBP with NZD. The momentum has been very much in the NZ dollars favour over the last two days, whether or not this momentum continues remains to be seen. Further positive news may come from Chinese support for the European Financial Stability Fund (EFSF) over the weekend, but at some stage the commitment of the buyers of the NZ dollar will be tested, as the reality of the global economy once again comes to the fore.
The current interbank midrate is:   NZDGBP .5115                       GBPNZD 1.9550
The interbank range so far this week to date has been:  NZDGBP .4960 - .5115                                                                                                                         GBPNZD 1.9550 - 2.0161