Yesterday’s high: NZ$1.9304
Yesterday’s low: NZ$1.9156
GBP/NZD Strikes Two-Week High as UK Retail Sales Rebound
The Pound’s rally against the New Zealand Dollar continued on Thursday as the pairing was lifted by the UK’s latest retail sales figures as sales growth rebounded from -0.6% to 0.1% in October.
Sterling’s gains were also supported by accompanying remarks from ONS economists, who forecast that sale growth would continue to trend higher over the coming months.
The ‘Kiwi’s losses were further extended overnight as New Zealand business PMI showed a slight dip in domestic manufacturing activity in October.
NZD Outlook: Brexit Uncertainty to Weigh on Sterling?
Looking ahead, the lull in economic data until next week could impede further gains for the GBP NZD exchange rate today, with investors likely to turn their attention toward Brexit amidst fears that slow progress in talks could delay the start of trade discussions to the New Year.
Meanwhile the New Zealand Dollar also won’t see any further data until the start of next week’s session, something that could leave it exposed to further pressure if investors continue to shun commodity-correlated currencies.
22:30 NZ Services PMI Oct
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