Resistance around 0.4760 (2.1000) held early week for the British Pound (GBP) the New Zealand Dollar (NZD) diving to 0.4710 (2.1240) Thursday amid a market “risk off” tone before reversing all the way back to 0.4750 (2.1060). With no tier one data publishing in the cross moves have been dominated by geopolitical flows following Iran’s attack on Israel. NZ ANZ Business Confidence jumped in September with optimism improving over the last few months. Next week’s RBNZ meeting should see a cut of 50 points to 4.75%, while most of this could already be priced into the cross we could still get a drop in the NZD.
The current interbank midrate is: NZDGBP 0.4735 GBPNZD 2.1119
The interbank range this week has been: NZDGBP 0.4706- 0.4761 GBPNZD 2.1000- 2.1249