The New Zealand Dollar (NZD) has had a good week reversing last week’s losses against the English Pound (GBP) tracking to 0.5002 (1.9990) this morning. We see 3 more rate increases taking place before September from the Bank of England (BoE) as the fight against inflation continues- stubbornly holding above 10%. Manufacturing in the UK printed a 3 month low dragging the Pound lower though Thursday trading, the pair settling around the magical 0.50 (2.00) mark. Carrying the momentum through here will be key today with no data releasing. Looking ahead we have the Bank of England’s official interest rate predicted to rise from 4.25% which may favour the GBP. Resistance seen at 0.5040.
The current interbank midrate is: NZDGBP 0.4998 GBPNZD 2.0008
The interbank range this week has been: NZDGBP 0.4914- 0.5005 GBPNZD 1.9980- 2.0346