FX News

NZD/GBP Conversion:

New Zealand Dollar (NZD) should be trading higher against the British Pound (GBP) but with recent weakness stemming from frailty in the housing market and a higher forecasted cash rate the kiwi has been hit hard. Prices into early Tuesday sit around 0.5235 (1.9100) as the cross awaits data cues for direction. Predictions are for UK inflation to hit 15% in early 2023 unless the govt steps into lower rising prices. This will no doubt put the economy in recession which in turn should take down the GBP. NZ Retail Sales is predicted to print well Thursday, combined with a shift to “risk on” we could see positive moves this week for the kiwi.

Current Level: 0.5249 (1.9051)
Resistance: 0.5365 (1.9270)
Support: 0.5190 (1.8640)
Last Weeks Range: 0.5196-0.5337 (1.8737-1.9243)

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