Friday’s high: $1.8936
Friday’s low: $1.8807
Upbeat Services PMI Not Enough to Recoup Losses
The Pound ended last week’s session notably lower against the New Zealand Dollar, with the UK currency unable to recover from Thursday’s Bank of England related slump despite a surprisingly strong UK Services PMI.
Sterling losses in the second half of last week were driven by hints from the BoE that its November rate hike would not be the start of a new cycle of tightening.
The New Zealand Dollar, meanwhile, began to find its feet again on Friday as the political concerns that have plagued the currency over the past couple of weeks began to fade.
NZD Outlook: Dairy Prices to Weaken New Zealand Dollar?
Looking ahead, the New Zealand Dollar may see some movement in the run up to Wednesday’s rate decision by the Reserve Bank of New Zealand (RBNZ) as tomorrow brings the latest global dairy auction, with another drop in prices likely to weigh heavily on the ‘Kiwi’.
Meanwhile a lull in UK economic data may leave the Pound with little momentum in the first half of the week, possibly leaving the currency open to more losses on the back of the BoE rate decision.
15:30 Global Dairy Auction
21:00 RBNZ Rate Decision Nov
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Senior Currency Broker
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