FX News

NZD/GBP Transfer:

The British Pound (GBP) regained control over the New Zealand Dollar (NZD) leading into the weekly close, clawing back mid-week losses to finish up back around 1.9800 (0.5050) levels. Earlier downgrade by Fitch rating agency of the UK credit outlook took a toll, also of note were poor results in UK construction PMIs with the weakest data since May 2020. UK chancellor Kwarteng decision to bring forward his date to deliver his set of economic forecasts to 31 October didn’t go down well. Meanwhile the Bank of England will extend its gilt buying program to 10B per day this week. On the calendar this week we have German Industrial Production and Retail Sales. The cross should hold below 0.5075 (1.9700) this week.

Current Level: 0.5021 (1.9916)
Resistance: 0.5130 (2.0450)
Support: 0.4890 (1.9500)
Last Weeks Range: 0.4986-0.5115 (1.9547-2.0055)

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