The English Pound (GBP), New Zealand Dollar (NZD) remains range bound heading into Tuesday reaching 0.5140 (1.9450) Monday before settling around 0.5160 (1.9380). Recent PPI data was revised up by an average of 1.38% after an error was found assisting the GBP slightly together amid a risk off tone which has developed. ECB’s Bailey speaks this week as well as RBNZ’s Orr. We expect more of the same sideways action this week.
Current Level: 0.5152 (1.9410)
Resistance: 1.0920 (1.9600)
Support: 0.5100 (1.9160)
Last Weeks Range: 0.5150-0.5217 (1.9168-1.9414)