Yesterday’s high: NZ$1.8250
Yesterday’s low: NZ$1.8077
Pound Unsettled by Parliament Vote on Post-Brexit Laws
Yesterday saw the Pound fluctuate against the New Zealand Dollar, owing to widespread concerns about a late-night vote in Parliament.
In the run up to the vote on the EU repeal bill, there were worries that opposition MPs could scupper the second reading after dubbing the bill a Conservative ‘power grab’.
UK Inflation Ahead
A lack of data for New Zealand until Thursday will mean that UK news is likely to be the driving force behind GBP/NZD exchange rate movement.
Today’s major UK data is Augusts’ inflation figures; the inflation rate is forecast to rise – pushing it further above the Bank of England’s (BoE) 2% target.
The BoE has previously resisted the pressure to raise interest rates because of higher inflation, but it remains to be seen how long this can continue. If traders are worried about the impact of higher inflation on consumer spending the Pound could slide, but hopes for a BoE rate hike could push GBP/NZD higher.
09:30 UK Inflation Rate
09:30 UK Average Earnings
09:30 UK Unemployment Rate
12:00 UK Bank of England (BoE) Interest Rate Decision
23:30 NZ Business NZ PMI
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