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Whats happening on the NZD GBP pair?

Written by Sam Coxhead on December 9th, 2011.      0 comments

This pair has been reasonably stable for the most part this week. The NZD ran into headwinds at .5000(GBPNZD 2.0000), as the European outlook again took a turn for the worse. Late pressure today on the NZD has come on the back of some Chinese inflation data, that points to a sharp slowdown in their economy. Headline inflation dropped from 5.5% last month, to 4.2% this month and against an expectation of 4.6%. News like this will see investors flee “growth assets” such as the Australasian currencies, and there is evidence of this today. Expect further downside bias as we head into the weekend. The EU summit will likely be the primary driver over the next few days. The level of .4880 (GBPNZD 2.05), remains a solid support level for the NZD. If we can consolidate through those levels, the way is opened for another downside move by the NZ dollar.
 
The current interbank midrate is:                                                            NZDGBP .4915                               GBPNZD 2.0345
                                                               
The interbank range so far this week to date has been:                 NZDEUR .4905 - .5009                GBPNZD 1.9980 – 2.0387
 

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