FX News

The British Pound (GBP) broke past channel resistance at 2.1560 (0.4640) against the New Zealand Dollar (NZD) midweek before going on to post a 4-week high of 2.1750 (0.4600) earlier this morning. The Pound may struggle in the run up to resistance at 2.1840 (0.4580) over the following few days. With no tier 1 data on the schedule through to next Friday’s UK GDP we see further strength in the GBP developing.

The current interbank midrate is: NZDGBP 0.4610 GBPNZD 2.1691

The interbank range this week has been: NZDGBP 0.4599- 0.4657 GBPNZD 2.1472- 2.1742

The New Zealand Dollar (NZD) has perked up since Wednesday’s slump to 0.5830 retracing moves into Friday to 0.5885 against the US Dollar (USD) as the greenback is sold. The Dollar getting a double hit of bad news with poor jobs data increasing by 224k last week and further rhetoric around Trump tariff implications. The USD may continue to come under selling pressure ahead of the Non-Farm Payroll release in the morning. The kiwi may target the weekly open at 0.5915 in the coming hours.

The current interbank midrate is: NZDUSD 0.5882

The interbank range this week has been: NZDUSD 0.5828- 0.5915

After decent moves in the Euro (EUR), Australian Dollar (AUD) cross in recent weeks the cross looks to have taken a breather around the 0.6170 (1.6210) area. A “head and shoulders” pattern is emerging on the chart suggesting a move back towards 0.6045 (1.6540), but first the pair will need to clear the 0.6130 (1.6320) area. However, any further strength in the EUR may need to come from French political stability as the French government looms close to collapse.

Current Level: 1.6202
Resistance: 1.6540
Support: 1.6000
Last Weeks Range: 1.6003- 1.6306

After decent moves in the Euro (EUR), Australian Dollar (AUD) cross in recent weeks the cross looks to have taken a breather around the 0.6170 (1.6210) area. A “head and shoulders” pattern is emerging on the chart suggesting a move back towards 0.6045 (1.6540), but first the pair will need to clear the 0.6130 (1.6320) area. However, any further strength in the EUR may need to come from French political stability as the French government looms close to collapse.

Current Level: 0.6172
Resistance: 0.6250
Support: 0.6045
Last Weeks Range: 0.6132- 0.6248

The British Pound (GBP) extended its run against the Australian Dollar (AUD) off the weekly open reaching 0.5100 (1.9600) Monday before coming under pressure into Tuesday. UK Manufacturing came in below forecast, the Purchasing Managers Index PMI at 48.0 in November down from 48.6 in October taking the cross back to 0.5130 (1.9500).  Calendar focus this week comes in the form of Australian GDP q/q with a big read expected around 0.5% in the September quarter. Growth has been declining since the 4Q of 2022 so this will be welcomed news. We could see a rebound towards 0.5150 (1.9430)

Current Level: 1.9546
Resistance: 1.9700
Support: 1.9340
Last Weeks Range: 1.9227- 1.9542

The New Zealand Dollar (NZD) managed to hold most of last week’s gains post the RBNZ cut of 50 points to 4.25%. Coming off the 0.5570 (1.7950) zone the EUR retreated to 0.5620 (1.7800) before drifting back to consolidate around 0.5585 (1.7900). Further NZD support closed the week at 0.5605 (1.7840). French political carnage has certainly caused notable weight on the EUR over recent days. We expect a runup to 0.5625 (1.7780) before the weekly close. ECB’s Lagarde speaks tomorrow.

Current Level: 1.7873
Resistance: 1.8230
Support: 1.7670
Last Weeks Range: 1.7808 – 1.8038

The New Zealand Dollar (NZD) managed to hold most of last week’s gains post the RBNZ cut of 50 points to 4.25%. Coming off the 0.5570 (1.7950) zone the EUR retreated to 0.5620 (1.7800) before drifting back to consolidate around 0.5585 (1.7900). Further NZD support closed the week at 0.5605 (1.7840). French political carnage has certainly caused notable weight on the EUR over recent days. We expect a runup to 0.5625 (1.7780) before the weekly close. ECB’s Lagarde speaks tomorrow.

Current Level: 0.5595
Support: 0.5485
Resistance: 0.5660
Last week’s range: 0.5543- 0.5615