The English Pound (GBP) continues to post gains against the New Zealand Dollar (NZD) despite the RBNZ hiking interest rates last week. Prices have looked comfortable under 2/1 with the cross reaching (0.4965) 2.0130 late last week. The kiwi has been under pressure this week as investors await UK y/y CPI figures tomorrow. Forecast is for inflation to tick lower in the first quarter of 2023 and y/y to slip below 10.0% the first time since August 2022. NZ quarterly inflation also prints this week and should come in around 7.2% where it’s been since Jan 2022. A retest of the long-range low at 0.4926 (2.0300) is the next target on the downside.
Current Level: 0.4998 (2.0008)
Resistance: 0.5040 (2.0140)
Support: 0.4965 (1.9836)
Last Weeks Range: 0.4968-0.5041 (1.9837-2.0126)