The British Pound (GBP) has fought back strongly over the week, recovering last week’s losses against the New Zealand Dollar (NZD) to 1.9450 (0.5140) from 1.9150 (0.5220). Boris Johnson survived a vote of no confidence from 211 members from a total of 359 receiving just enough support from his own party to stay in office, except for this excitement the calendar has been rather nude this week. Dairy auction prices rose Wednesday 1.5%, the result stronger than expected following easing of covid restrictions in China. Analysts predict prices to rise further over the coming months with supply restrictions underpinning overall prices. A retest of 0.5100 (1.9620) the previous low looks the pick.
NZD/GBP pair this week:
The current interbank midrate is: NZDGBP 0.5135 GBPNZD 1.9474
The interbank range this week has been: NZDGBP 0.5134- 0.5227 GBPNZD 1.9131- 1.9476