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Will the NZ dollar lose ground to the GBP?

Written by Sam Coxhead on September 22nd, 2011.      0 comments

4:59 PM (NZT) NZD GBP update : The pair had a relatively stable start to the week with most of the trading being from .5215-.5265. This changed early this morning as the US Federal Reserve announced its monetary policy and gave a very downbeat assessment of the US economy. This drove the market to risk aversion and as a result the NZD gave up ground against the GBP. Extending the fall was this morning’s lower than expected NZ GDP number. The coming sessions are going to prove interesting to say the least, as the global exit of risk exposure gains speed. It is ironic that the RBNZ is likely to raise the cash rate in the next six months, as the BOE moves towards further QE initiatives, and the NZD is weakening against the GBP.
 
The current Interbank price NZD/GBP (GBP/NZD) : .5148 (1.9425)
 
The Interbank range so far this week NZD/GBP (GBP/NZD) : .5135/.5270 (1.8975/1.9474)
 

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