Pound is moving higher against the kiwi dollar supported by an upwardly revised UK GDP figure

The pound posted gains of nearly two cents against the kiwi dollar yesterday as demand dulled for riskier assets following weak US data and lower equities.

• Kiwi was again under pressure as investors continued to take the opportunity to cash profits as risk appetite waned after the US 3Q GDP figure was revised downward.
  
• In addition, equity markets turned negative with US benchmark indexes opening with small losses, which supported a return to the US dollar, softening demand for the kiwi.
  
• The loss of risk appetite brought the sterling/kiwi price to a two week high back over 2.29, though a further reiteration of low US interest rates in the evening did see the New Zealand dollar trim its losses.
  
• In trading this morning, the pound has posted gains after the UK 3rd quarter GDP figure was revised upward.