Friday’s high: NZ$1.8475
Friday’s low: NZ$1.8372
GBP/NZD Recap: Losses Seen after May’s Mishap
The GBP/NZD spent last week sliding. Slowing UK manufacturing activity and a contraction in construction weighed on Sterling, and the British currency came in for further losses in response to Prime Minister Theresa May’s speech on Wednesday, which proved polarising. The PM was ambushed by a comedian and struggled with a chronic cough throughout the speech; some MPs were so disillusioned that they openly spoke of finding a new leader.
NZD mainly appreciated because of Pound weakness, as NZ news showed declining dairy prices and a disappointing business confidence result.
NZD Outlook: Pound could Slide on Trade Balance Stats
This week’s UK data will mainly be consigned to Tuesday, with trade and production figures due then.
The trade deficit is tipped to have widened in August, while economists predict falling monthly manufacturing. On the plus side, both industrial production and construction output figures are tipped to rise.
There isn’t much NZ data out this week other than medium-impact confidence and business activity stats on Thursday.
09:30 UK Balance of Trade
09:30 UK Manufacturing Production
09:30 UK Industrial Production
09:30 UK Construction Output
02:00 NZ ANZ Roy Morgan Consumer Confidence
10:30 NZ Business NZ PMI
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