The New Zealand Dollar (NZD) and the British Pound (GBP) have both tracked lower against a basket of currencies over the week, the kiwi faring slightly better over the GBP reaching 0.4670 (2.1425) Wednesday before giving back gains to 0.4635 (2.1570) and roaring back into Friday to 0.4655 (2.1480). UK inflation jumped to 2.3% from 1.7% in October pushed up almost entirely by energy tariffs. A slightly slower pace of rate cuts by the Bank of England (BoE) is now priced in offering thought we may see the Pound higher in coming weeks, especially against the kiwi as we look ahead for the RBNZ to cut rate 50-75 points next week.
The current interbank midrate is: NZDGBP 0.4651 GBPNZD 2.1500
The interbank range this week has been: NZDGBP 0.4624- 0.4667 GBPNZD 2.1423- 2.1625