FX News

NZD/GBP Transfer:

The New Zealand Dollar (NZD) continues to post new lows, reaching 0.4925 (2.0310) overnight against the British Pound (GBP) where it sits as I write. Markets are still reflecting on poor English data of late deciding it’s all good, recent tax cuts and budget backtracks the main drivers over the past couple of weeks. The Production sector was the main driver (-1.8%) in August of the fall of GDP -0.3%, the British economy will be lucky to avoid dipping into a formal recession in the fourth quarter 2022. NZ CPI q/q was forecast to publish at 1.5% but came in at 2.2% pushing the kiwi to 0.4990 (2.004). Later in the week we have UK Retail Sales. We expect further downside in the NZD as tightening policy in the UK should reflect a more attractive buy over the kiwi.

Current Level: 0.4976 (2.0096)
Resistance: 0.5110 (2.0300)
Support: 0.4925 (1.9570)
Last Weeks Range: 0.4933-0.5112 (1.9561-2.0270)

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