The New Zealand Dollar (NZD) momentum continued well into the week against the British Pound (GBP) the cross reaching a 6-week high of 0.4910 (2.0375). UK Flash Manufacturing came in at 47.1 vs 47.5 expected, falling in the 3 months to February, meanwhile dovish comment from the Bank of England’s Dhingra saying delaying rate cuts would come at substantial costs. NZ Retail Sales published at -1.9% for the December quarter well down from -0.2% predictions and September Q -0.8%. The NZD is weaker post the release falling to 0.4895 (2.0430).
The current interbank midrate is: NZDGBP 0.4891 GBPNZD 2.0445
The interbank range this week has been: NZDGBP 0.4860- 0.4907 GBPNZD 2.0379- 2.0576