The English Pound (GBP) reached 0.5180 (1.9300) Thursday against the New Zealand Dollar (NZD) , a 5-week high. The kiwi has struggled all week off the back of UK inflation data coming in under forecast of 10.1% at 9.9% y/y helping to support the GBP along with a risk off tone. UK Inflation unexpectedly edged lower off the 1982 high, the first time in nearly a year it has eased. NZ Growth for the second quarter came in at a healthy 1.7% much higher than the predicted 1.0% with the economy avoiding a recession. The kiwi is holding gains into Friday kicking back to 0.5220 (1.9150) but may struggle towards the close with risk markets starting to turn down.
The current interbank midrate is: NZDGBP 0.5200 GBPNZD 1.9230
The interbank range this week has been: NZDGBP 0.5180- 0.5277 GBPNZD 1.8950- 1.9300