UK mortgage approvals printed lower than expectation yesterday at 43,000 vs forecast of 44,000 dipping from August’s 45447 number. The British Pound (GBP) holding up Monday in the face of decent “risk on” moves. The kiwi underperformed with price easing back to 0.4800 (2.0840). Baffling really as the kiwi has bounced higher off recent lows against other crosses but has not reacted the same in the NZD/GBP. Equity markets were solid overnight as geopolitical fears in Gaza eased, the NZD continues to be sold. This week’s Bank of England (BoE) cash rate holds our attention with most punters fairly sure the BoE will keep rates unchanged at 5.25%.
Current Level: 2.0828
Resistance: 2.10
Support: 2.0730
Last Weeks Range: 2.0733- 2.0964