Range bound activity in the British Pound (GBP), New Zealand Dollar (NZD) over the previous week saw price ease slightly lower off the weekly open to 0.5265 (1.90) levels. Softer UK Retail Sales lengthened out the kiwi Friday as data showed a drop of -0.3% compared to expectations of 0.6% growth in the month of February. Bouncing off long term November 2021 resistance confirms this area may hold for a while, 0.5530 (1.8080) is the next point of strength the June 2017 high. A dovish speech overnight by (BoE) Governor Bailey after striking a cautious tone when asked if he would be raising rates again at the next central bank meeting sent the GBP lower. Bailey reiterating- uncertain outlook in Ukraine situation is causing much volatility and instability. Looking ahead we have a quiet week of data with just ANZ business confidence to publish. We expect a little downside this week in the kiwi as price reverses off recent highs.
Current Level: 0.5268 (1.8982)
Resistance: 0.5305 (1.9100)
Support: 0.5235 (1.8850)
Last Weeks Range: 0.5218-0.5294 (1.8886-1.9164)