The New Zealand Dollar (NZD) surged lower early Friday from 0.5160 (1.9380) to 0.5120 (1.9535) against the British Pound (GBP) extending previous weeks of losses. A breakout through 0.5085 (1.9670) looks to be the next long range target, the 1 November low, through here and the 100 day Moving Average could signal further downside for the kiwi. The UK economy stalled in the fourth quarter of 2022 making next week’s m/m GDP forecast all the more important. They will be doing well to avoid a recession in 2023 with the outlook still weak.
The current interbank midrate is: NZDGBP 0.5133 GBPNZD 1.9481
The interbank range this week has been: NZDGBP 0.5134- 0.5182 GBPNZD 1.9295- 1.9475