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Will the GBP bounce back against the NZD?

Written by Sam Coxhead on March 2nd, 2012.      0 comments

4:31 PM (NZT) The Pound Sterling finally saw some demand this week, following comments from BOE members at the UK inflation hearings. Whilst not something to get too excited about yet, the signs are encouraging. The beleaguered GBP looked destined for renewed pressure before these comments came to light. At the very least we have had confirmed that any further attempts at appreciation from the current rate from the NZD will be less likely, and harder to make than previous increases. Next week the RBNZ release their monetary policy statement and this will be the NZD focus of the week. The BOE also meet to announce monetary policy, but with no change expected, there will not be an accompanying statement. A push down through the .5225 level (up through GBPNZD 1.9140), opens the way up for further GBP strength.
 
The current interbank midrate is:                                                            NZDGBP .5259                               GBPNZD 1.9015
                                                               
The interbank range so far this week to date has been:                 NZDGBP .5230 - .5314                GBPNZD 1.8818 - 1.9120
 

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