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GBP/NZD Jumps as BoE Policy Maker Hints at Possible Rate Hike

Friday’s high: NZ$1.9405

Friday’s low: NZ$1.9282

Pound Strengthened by Tenreyro Comments

The Pound New Zealand Dollar exchange rate ended the session close to the week’s opening levels on Friday following some surprisingly hawkish comments from a Bank of England (BoE) policymaker.

Sterling sentiment ticked higher on Friday morning as Silvana Tenreyro suggested that Brexit did not necessarily mean that the BoE would stick by to its accommodative monetary policy and that a rate hike would remain on the table during the Brexit ‘era’.

Meanwhile, the New Zealand Dollar offered little resistance against the Pound’s advances on Friday following some slightly disappointing domestic trade figures.

NZD Outlook: Sterling to Strengthen on Housing Data?

Looking to the week ahead, the first piece of notable data this will be the release of Nationwide’s House Price figures on Tuesday, with an expected jump in prices in November likely to strengthen the appeal of the Pound.

However, Sterling may also be undermined on Tuesday by the publication of the BoE’s latest Financial Stability Report should the bank remain wary over the size of consumer debt.

Meanwhile, the New Zealand Dollar may also be impacted by the Reserve Bank of New Zealand’s (RBNZ) own Financial Stability Report should it suggest that the bank has concerns about the new government.

Key Events

28th November

07:00 UK Nationwide Housing Prices Nov

07:00 UK BoE Financial Stability Report

20:00 NZ RBNZ Financial Stability Report

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To keep up to date with the New Zealand Dollar, visit the NZD blog in our Currency News section.

Joe Mayhew

Senior Currency Broker
T: 01442 892 060

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