FX News

NZD/GBP Transfer:

The New Zealand Dollar (NZD) traded higher Monday to 0.5085 (1.9670) but was unable to hold here giving back gains to the British Pound (GBP) with the pair clocking a new low at 0.5030 (1.9870) yesterday an October 2022 low. Bank of England hawkish comments from Mann recently have boosted the GBP with core inflation “still very sticky” and heading higher. The probability of a hike at the BoE next meeting on May 12 are high for a 25 point rise to 4.5%. This afternoon’s RBNZ cash rate release saw a rise to 5.25% or 50 points, more than the 25 points predicted. Action over the release sending the NZDGBP to 0.5110 (1.9570). Long Term we expect the bear trend in the cross to continue.

Current Level: 0.5078 (1.9692)
Resistance: 0.5150 (0.2000)
Support: 0.5000 (1.9430)
Last Weeks Range: 0.5041-0.5085 (1.9665-1.9835)

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