FX News

NZD/GBP Conversion:

One of the big movers this week was the NZD/GBP pairing which started the Monday at .5156 and finishing the week around .5250. Once again inflationary talk was the key driver in the market as .5250 continues to hold strong resistance. Watch closely for tonight’s key UK GDP number as anything less than expected could threaten a break toward .5300 and beyond. Last time was March this year. The next BoE interest rate meeting not till Sept 15th . No doubt the next month will continue the theme of ‘inflationary hype’ causing much volatility in the market. For those buyers of kiwi, we recommend anything around .5220 is a good opportunity to convert in the short term. However, be careful pressure to move higher persists.

Current Level: 0.5272
Resistance: 0.5302/0.5330
Support: 0.5180/0.5225
Last Weeks Range: 0.5156-0.5286

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