FX News

NZD/GBP Transfer:

UK Inflation hit a new high of 11.1% the biggest number in 41 years for the month of October as food, energy and transport costs balloon out. The New Zealand Dollar (NZD), British Pound (GBP) traded lower post release to 0.5155 (1.94) levels, overall, over the week’s action was mostly sideways. UK’s Finance Minister Jeremy Hunt delivered his tax and spending budget Thursday unveiling a 5.5B fiscal plan as he sought to restore some credibility in the new PM Sunak’s govt. Millions of people will be paying higher taxes and higher energy costs. The wash up is that estimates are now for the UK economy to dive into recession early 2023 as growth is predicted to contract by 1.4%. With the RBNZ expected to hike interest rates 75 points to 4.25% this week downside movement should be limited.

Current Level: 0.5153 (1.9406)
Resistance: 0.5215 (1.9670)
Support: 0.5085 (1.9170)
Last Weeks Range: 0.5136-0.5211 (1.9188-1.9467)

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