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GBP/NZD Rate remains Vulnerable to BoE Credit Update

Yesterday’s high: NZ$1.9433

Yesterday’s low: NZ$1.9300

Higher Risk Sentiment Results in GBP/NZD Losses

Yesterday saw the Pound get off to a poor start against the New Zealand Dollar.

The GBP/NZD exchange rate declined throughout the day.

UK news was thin on the ground, with the announcement of a national industrial strategy receiving a cautious welcome.

There was also little NZ news to speak of, but the New Zealand Dollar still advanced because of higher demand for riskier currencies.

This demand stemmed from the deterioration of the US Dollar, which fell on concerns that the Fed won’t continue its rate hiking cycle in 2018.

NZD Outlook: Is Volatility ahead on Consumer Credit Reading?

After this morning’s Bank of England (BoE) financial stability report, the Pound could be affected by tomorrow morning’s BoE consumer credit release.

This looks at the levels of borrowing taking place in the UK and is tipped to show a lower reading compared to the previous one.

A moderate reduction in borrowing might not influence the Pound, however, given previous warnings about excessive debt.

Sticking with central bank news, the New Zealand Dollar could be affected by tonight’s Reserve Bank of New Zealand (RBNZ) financial stability report.

If the RBNZ doesn’t foresee any potential problems with the leadership of new PM Jacinda Ardern, the New Zealand Dollar could appreciate.

Key Events

28th November

20:00 NZ Reserve Bank of New Zealand (RBNZ) Financial Stability Report

29th November

09:30 UK Bank of England (BoE) Consumer Credit Report

30th November

00:05 UK GfK Consumer Confidence

00:00 NZ ANZ Business Confidence

1st December

09:30 UK Manufacturing PMI

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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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