FX News

NZD/GBP Conversion:

“Old Mable” (GBP) has been “offered” across the board this week, coming off 0.5150 (1.9420) Monday versus the New Zealand Dollar (NZD), recovering losses to 0.5245 (1.9070) into late Thursday sessions. This week’s “risk off” market surroundings would usually support the kiwi but with the Pound publishing awful economic data of late the kiwi has enjoyed a run of form. UK debt service and public sector wage costs have exploded as well as BoE Bailey pitching a less than hawkish tone. All eyes will be on next week’s NZ employment data with the unemployment rate expected to come in lower than the current 3.2%. Also, key Bank of England monetary policy and cash rate is Thursday with market consensus predicting the BoE raising rates from 0.75% to 1.0% with questions to be raised over their selling of QE/Bonds. With both central bank hiking in the short term, it’s tough to gauge direction or a potential break either way.

Current Level: 0.5212 (1.9185)
Resistance: 0.5255 (1.9500)
Support: 0.5130 (1.9030)
Last Weeks Range: 0.5136-0.5216 (1.9129-1.9469)

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