3:07 PM (NZT) The NZD started off the week seeing grinding appreciation over the GBP as the risk appetite seemingly increased. The trend was started by the rumour that the IMF would provide funding to Italy, by the time the IMF denied such a proposal, the move was underway and there was evidence of stop loss buying of growth assets as investors exited risk aversion trades. The real kicker of the move higher actually came from the coordinated central bank action on Wednesday. The NZD has managed to consolidate at these higher levels for the time being, but whether or not the current sentiment continues remains to be seen.
 
The current interbank midrate is:                                                            NZDGBP .4975                              GBPNZD 2.0100
                                                               
The interbank range so far this week to date has been:                 NZDGBP .4821 - .4977                GBPNZD 2.009 – 2.0743