FX News

NZD/GBP (GBP/NZD) Conversion:

It’s been a choppy week in the New Zealand Dollar (NZD), British Pound (GBP) cross with a variety of data publishing. The GBP recovered off 0.5335 (1.8750) the 19-week low through to 0.5195 (1.9250) before arriving at 0.5245 (1.9060) into Friday. The RBNZ has hiked its cash rate to 3.0% – the fourth time in a row Wednesday, Orr saying full employment has supported decreased spending, but this won’t last with predictions of the labour market declines as consumers struggle with higher interest rates and the inflation squeeze. UK Inflation rose to 10.1% Wednesday in July from June’s 9.4% after markets predicted 9.4%. This is the biggest read since 1982 with prices in Housing and utility costs leading the rises over 20% from 19.6% in June. This put the Pound under pressure for a period drifting from 0.5210 (1.9200) to 0.5245 (1.9070) The Bank of England have forecast their inflation to peak at 13.0% later this year before coming softening. Key standouts next week are UK Manufacturing and NZ Retail Sales.

The current interbank midrate is: NZDGBP 0.5231 GBPNZD 1.9116
The interbank range this week has been: NZDGBP 1.8735- 1.9241 GBPNZD 0.5197- 0.5337

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