FX News

NZD/GBP Conversion:

Monthly UK GDP for the month of July printed slightly under expectations at 0.2% vs 0.3% expected, markets seeing this as positive, the data helping to push the GBP up to 1.9100 (0.5235) before falling to 1.9000 (0.5265) early Tuesday. Also, of note the Truss govt will be looking to expand energy production and lift the fracking ban. The UK Central Bank will also defer its policy meeting from the original 15th September to the 22nd of this month in light of the Queen’s death. UK CPI prints midweek and is expected to be a big number – over 10.0% y/y. Second quarter NZ growth prints Thursday and is predicted to come in around 1.0% and could give the kiwi a kick higher, it’s not unreasonable that we could see a retest of the prior high of 0.5300 (1.8900)

Current Level: 0.5256 (1.9025)
Resistance: 0.5290 (1.9120)
Support: 0.5230 (1.8900)
Last Weeks Range: 0.5230-0.5325 (1.8784-1.9119)

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