The English Pound (GBP) extended its run higher against the New Zealand Dollar (NZD) this week reaching a fresh high of 1.9850 (0.5040) an October 2022 level. The Pound has had plenty of upside momentum of late due to factors around Bank of England Baily warning inflation is still too high and they will benefit from strict regulation along with the central bank increasing interest rates to 4.25% from 4.0% last week. UK Retail Sales also boosted market mood with the number publishing a healthy 1.2% in February boosted by second hand good purchases. Due to inflationary pressures remaining we expect the bank of England to continue with its tightening policy and hike further, this should keep the cross heading lower for a while.
The current interbank midrate is: NZDGBP 0.5054 GBPNZD 1.9786
The interbank range this week has been: NZDGBP 0.5037- 0.5085 GBPNZD 1.9665- 1.9853