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GBP/NZD Still Down after BoE Rate Decision

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.

Key Events

7th November

15:30 Global Dairy Auction

8th November

21:00 RBNZ Rate Decision Nov

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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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