FX News

NZD/GBP Transfer

The New Zealand Dollar (NZD) cracked 0.4805 (2.0810) early Monday against the British Pound (GBP) but was unable to hold the top of the range. Certainty around the GBP post-election had the GBP back at 0.4780 (2.0920) in early Tuesday as markets digested fresh stability. The incoming new chancellor Rachell Reeves saying she would build 1.5M homes as she plans to overhaul the planning system. She also said the UK would avoid “tax and spend” policies. The RBNZ meet tomorrow and will retain the cash rate at 5.50%, we are expecting a dovish slant and talk of rate cuts before the end of the year. A retest of the early May 0.4760 (2.10) looks a chance.

Current Level: 0.4783
Resistance: 0.4820
Support: 0.4740
Last Weeks Range: 0.4776- 0.4828

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