The pound has finally capped its losses against the kiwi as cautious investors suspect that the risk rally may have gone too far.
• Sterling initially fell further against the kiwi yesterday evening as the investment trend continued to favour riskier assets.
• However, a weaker-than-expected New Zealand trade balance figure released late last night saw investors return to caution, which capped the kiwi’s gains.
• A fall in Chinese stocks added to selling pressure on the kiwi, with investors cautious about the pace of New Zealand’s recovery.
• The pound is currently trading 0.07% up for the day, but with CBI Realised sales data to be released at 11:00BST, a positive reading could extend these gains.
• The New Zealand monthly building consents data is released today at 23:45BST, which will give investors a good insight into the current economic health of the economy.
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