GBP/NZD extends all-time low at 2.1060, GBP regains 400 pips

Thu, Mar 11 2010, 03:18 GMT
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FXstreet.com (Barcelona) – GBP fell sharply from an opening price at 2.1330 to be capped by 2.1060 (new all-time low). On the way down the cable just shed nearly 300 pips off its value against the kiwi.

The drift from opening levels towards the lows at 2.1060 illustrates no extinction on the desire by investors to ride the pair further down as the two economies face opposite landscapes on their economic stability. While NZ key performance indicators point towards a fast-paced recovery, recent data shows the UK not yet in such a shape plus speculations mounting up on early elections.

Economic and politic differences aside, the pair rebound of the lows was strong as cable managed to regain all the downleg move to close matching the previous close at 2.1330. t present, GBP looks poised to continue addressing a much-needed correction as price currently stands at 2.1420 (+100 pips from opening).

GBP/NZD

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