FX News

GBP/NZD Transfer

The New Zealand Dollar (NZD) cracked 0.4805 (2.0810) early Monday against the British Pound (GBP) but was unable to hold the top of the range. Certainty around the GBP post-election had the GBP back at 0.4780 (2.0920) in early Tuesday as markets digested fresh stability. The incoming new chancellor Rachell Reeves saying she would build 1.5M homes as she plans to overhaul the planning system. She also said the UK would avoid “tax and spend” policies. The RBNZ meet tomorrow and will retain the cash rate at 5.50%, we are expecting a dovish slant and talk of rate cuts before the end of the year. A retest of the early May 0.4760 (2.10) looks a chance.

Current Level: 2.0907
Resistance: 2.1100
Support: 2.0750
Last Weeks Range: 2.0710- 2.0937

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