The British Pound (GBP) climbed to 2.1825 (0.4580) against the New Zealand Dollar (NZD) in morning signalling the pair will close at its highest weekly level since February 2016. UK PMI’s came in solid in contrast to weakening eurozone data leading to the Pound outperforming the kiwi. Next week’s economic docket has the Bank of England (BoE) monetary policy where the BoE will look to cut rates to 5.0% from 5.25%. Most of this will be priced into the NZD/GBP but we should certainly get a reversal higher from the NZD.
The current interbank midrate is: NZDGBP 0.4579 GBPNZD 0.6859
The interbank range this week has been: NZDGBP 0.4574- 0.4666 GBPNZD 2.1428- 2.1861