The English Pound (GBP) slumped to 0.5425 (1.8440) midweek against the New Zealand Dollar (NZD) clocking a January 2021 high. Over the past couple of days, the GBP has got some relief from solid UK PMI data and an upwardly revised Bank of England rate hike pricing. Hawkish Fed speak boosted big dollar mood as well pushing the crosses lower including te kiwi to 0.5285 (1.8930) in early Friday. Meanwhile, the UK office for budgets is picking UK inflation topping out at 9% this year. The Pound remains vulnerable to the war in Ukraine, with the December 2020 high of 0.5400 (1.8520) in view we expect further movement to the topside.
The current interbank midrate is: NZDGBP 0.5264 GBPNZD 1.8996
The interbank range this week has been: NZDGBP 0.5263- 0.5362 GBPNZD 1.8648- 1.8998