The New Zealand Dollar (NZD), British Pound (GBP) has flatlined over the past few weeks around the 0.4830 (2.0700) area after starting the year at 0.4960 (2.0150) areas. The Bank of England (BoE) kept rates unchanged late last week at 5.25% in a 6-3 vote. The central bank is confident they have their policy setting correct on the path to bringing back inflation to 2.0% target. The news rallied the GBP to close the week at the high of 0.4800 (2.0830). The Bank of England went on to say they could cut rates by 50 points in the first quarter of 2024 as analysis suggests the BoE have gone too far with rate hikes. New Zealand employment data printed at 4.0% after forecasts of 4.3% were expected suggesting the RBNZ may hold rates for longer before cutting. We might see the kiwi perk up towards the close.
The current interbank midrate is: NZDGBP 0.4829 GBPNZD 2.0708
The interbank range this week has been: NZDGBP 0.4797- 0.4849 GBPNZD 2.0622- 2.0845