Bank of England’s Bailey was on the wires early this morning talking about UK banking stability saying he doesn’t see a repeat of the 2008 financial crisis. Balance sheets will remain larger than pre-crisis for financial stability reasons, he went on to suggest. The Pound (GBP) pushed higher off 0.5020 (1.9930) post his speech climbing to 0.4995 (2.0010) an October 2022 level. Markets await UK GDP m/m out tonight for February predicted to come in at 0.1%. The cross looks to be targeting 0.4965 (2.0135) the early 2022 low. Through here and we are deep into long term ranges.
The current interbank midrate is: NZDGBP 0.4970 GBPNZD 2.0120
The interbank range this week has been: NZDGBP 0.4970- 0.5044 GBPNZD 1.9825- 2.012