The New Zealand Dollar (NZD) improved on early week levels to 0.5025 (1.9900) Friday against the British Pound (GBP) as equity markets posted gains improving “risk”. The NZ budget never really rocked the boat over the sessions with plenty of range trading. UK inflation has been downgraded as energy effects have dragged the number lower with utilities said to be a massive pull-on inflation through the second half of the year. The kiwi looks to retest resistance at 0.5050 (1.9800) possibly before the close. On the calendar we look ahead to next week’s RBNZ cash rate announcement.
The current interbank midrate is: NZDGBP 0.5027 GBPNZD 1.9892
The interbank range this week has been: NZDGBP 0.4963- 0.5030 GBPNZD 1.9877- 2.0147