The New Zealand Dollar (NZD), British Pound (GBP) pair has been centre of attention this week with a slew of data releasing. UK CPI came in at 6.7% compared to 7.0% predicted leading to a halt to the Bank of England (BoE) cash rate overnight. This ends their 14 straight run of hikes. It was always going to be close with most predicting a hike to 5.5% the likely result. The UK economy looks to have turned a corner choking high inflation woes. NZ GDP also surprised with data representing growth of 0.9% in the second quarter officially taking the economy out of a shallow recession. The RBNZ will now have work to determine if they will need to raise rates again to deflate the economy. The cross has only travelled one way over the week clocking 0.4825 (2.0720) this morning, the NZD extending its run higher for the 5th straight week after starting out around 0.41770 (2.0960)
The current interbank midrate is: NZDGBP 0.4819 GBPNZD 2.0751
The interbank range this week has been: NZDGBP 0.4759- 0.4834 GBPNZD 2.0688- 2.1009