The British Pound (GBP) recovered losses in midweek moves, trading to 2.0580 (0.4860) against the New Zealand Dollar (NZD) but wasn’t able to hold momentum. The RBNZ left rates on hold at 5.50% as widely expected with the central bank suggesting interest rates may need to stay at restrictive levels for an extended time. The rise in oil prices could derail domestic costs and inflation in the coming months. A retest of 0.4930 (2.0280) looks favourable with risk conditions contributing.
The current interbank midrate is: NZDGBP 0.4893 GBPNZD 2.0437
The interbank range this week has been: NZDGBP 0.4630- 0.5051 GBPNZD 1.9798- 2.1598