The British Pound (GBP) pushed to 0.4775 (2.0950) early week against the New Zealand Dollar (NZD) extending moves higher over the past two weeks creating a 5-week low in the cross. Assisted by better-than-expected UK Manufacturing data, the sector expanding in the month of September, the argument for the Bank of England to “pause” rate increases has come into play at next week’s policy meeting. Prices returned to 0.4820 (2.0740) midweek before more risk off sentiment sent the kiwi reeling again. The 50% Fib support around 0.4775 (2.0950) should hold heading into the weekly close.
The current interbank midrate is: NZDGBP 0.4796 GBPNZD 2.0850
The interbank range this week has been: NZDGBP 0.4770- 0.4822 GBPNZD 2.0734- 2.0964