The New Zealand Dollar (NZD) has fallen away hard this week against the English Pound (GBP) reaching 0.4710 (2.1230) early this morning after a dovish RBNZ read spooked buyers. RBNZ met Wednesday and left the cash rate at 5.5% as predicted, however the central bank was less hawkish than expected with odds increasing of not 1 but 2 rate cuts later this year predicted. A November cut is almost fully priced in but another earlier cut on the 14 August is now a 50/50 chance. The UK economy grew at 0.4% against 0.2% estimates in May also boosting the GBP. The cross sits at a 10-week low, a push past 0.4705 (2.1260) would signal a fresh yearly low going back to October 2023 levels.
The current interbank midrate is: NZDGBP 0.4712 GBPNZD 2.1222
The interbank range this week has been: NZDGBP 0.4710- 0.4804 GBPNZD 2.0813- 2.1233