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Whats happening to the NZD/GBP cross?

Written by Sam Coxhead on September 8th, 2011.      0 comments

5:46 PM (NZT) Range so far this week : .5125 - .5227     Current rate: .5225
The NZD started the week under some mild pressure from the GBP as the general market appetite was in favour of risk aversion with the pending German Constitutional court decision on the legality of German bailouts to peripheral European Union members. The NZD was then dragged higher by the wait and see approach from the Reserve Bank of Australia with regards to monetary policy and the positive GDP numbers recorded yesterday. The news overnight that the German Govt could continue with the extension of bailout funds, helped the equity markets recover and the NZD appreciated higher in line with those. The .5230 level does offer a level of resistance before more substantial resistance at .5260. On the downside .5120 will offer support in the shorter term. The Bank of England monetary policy decision later on today remains the key in the short term, but ahead of the G& meetings this weekend, expect no change to monetary policy.
 

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