The New Zealand Dollar (NZD) bounced off resistance at 0.4840 (2.0650) late Friday against the British Pound (GBP) to trade back at 0.4830 (2.0700) into Tuesday trading. The GBP looks to retest last week’s low at 0.4795 (2.0860), however UK CPI will dictate moves. Inflation is predicted to drop in May from 2.3% y/y to 2.0% making it the lowest rate since July 2021. Inflation has fallen massively since the Oct 2022 high of 11.1%. The Bank of England’s target of 2.0% might eventuate bringing about cuts later in the year.
Current Level: 0.4826
Resistance: 0.4855
Support: 0.4780
Last Weeks Range: 0.4794- 0.4846