The New Zealand Dollar (NZD) has been unable to get a look against the British Pound (GBP) so far in 2024 with the cross reaching 0.4790 (2.0880) this morning. The yearly open was circa 0.4970 (2.0120) so far it hasn’t been a particularly good start to the year from the kiwi. The only blip on the chart came late last week when UK Retail Sales published poorly at -3.2% compared to predictions of -0.5%. Taking the GBP lower briefly before recovering on a lack of risk in the market. This week’s docket sees NZ CPI q/q which is expected to print around 0.5% and take the y/y figure from 5.6% to 4.7% cementing the need for the RBNZ to cut rates mid-year. The GBP may struggle to breach 0.4775 (2.0950) support this week.
The current interbank midrate is: NZDGBP 0.5169 GBPNZD 1.9346
The interbank range this week has been: NZDGBP 0.4777- 0.4830 GBPNZD 2.0700- 2.0931