Risk off currency mood of late has seen the English Pound (GBP) extend moves against the New Zealand Dollar (NZD) into Thursday trading, the pair posting a fresh low of 2.0390 (0.4905) the February 2022 low. The Bank of England’s Pill was on the wires saying British people need to accept they are poorer rather than trying to claw back living standards, went down like a cup of cold sick weakening the GBP for a while. With very little data published this week the main driver has been risk; next week’s NZ unemployment rate is our focus looking forward. A break below 0.4870 (2.0530) will send us into 3-year low areas on the big picture downtrend.
The current interbank midrate is: NZDGBP 0.4905 GBPNZD 2.0387
The interbank range this week has been: NZDGBP 0.4903- 0.4964 GBPNZD 2.0144- 2.0392