It’s been all downhill this week for the New Zealand Dollar (NZD) extending declines from 0.4880 (2.0480) to 0.4800 (2.0840) against the British Pound (GBP) into morning trading. UK CPI came in hotter than analysts were expecting Wednesday at 6.7% y/y vs 6.6% forecast. This is unlikely to worry the Bank of England to much heading into their next policy meeting. The uptick in CPI attributed to the rise in fuel costs associated with the conflict in the Middle East. The risk off tone may last a while, setbacks in the GBP should be limited to 2.0380 (0.4910) with UK Retail Sales printing tonight.
The current interbank midrate is: NZDGBP 0.4811 GBPNZD 2.0785
The interbank range this week has been: NZDGBP 0.4797- 0.4884 GBPNZD 2.0475- 2.0846