GBP/NZD Transfer

ByDragana My Engine Lab

The New Zealand Dollar (NZD) extended its fight back against the English Pound (GBP) Monday off 0.4450 (2.2480) to post 0.4485 (2.2300) in early morning trade. Both Manufacturing and Production contracted impacting UK economic growth. NZ GDP prints Thursday with a move out of recession expected from third quarter’s -0.1% to 0.4% ending December, this surely will improve the NZD if the number comes in as we expect. Friday morning is the Bank of England (BoE) official cash rate with no change from the 4.5% predicted. However, the voting will be key with a 2-7 split expected highlighting a shift on monetary stance by the BoE.

Current Level: 2.2316
Resistance: 2.2730
Support: 2.2130
Last Weeks Range: 2.2473- 2.2751

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