The English Pound (GBP) extended its run over the New Zealand Dollar (NZD) through midweek to 2.1840 (0.4580) was unable to hold this level. Comments by chancellor Reeves translated into rates staying higher for longer helping to buoy the Pound. The GBP declined sharply following the UK budget starting a selloff in UK bonds post the announcement of big tax rises on the horizon. The cross shifted from 0.4610 (2.1700) to trade back at 0.4635 (2.1570) early Friday. Next week’s NZ Jobs data and more importantly the Bank of England (BoE) Cash Rate shouldn’t disappoint.
The current interbank midrate is: NZDGBP 0.4632 GBPNZD 2.1587
The interbank range this week has been: NZDGBP 0.4578- 0.4638 GBPNZD 2.1558- 2.1843