With geopolitical tensions building, as well as New Zealand’s latest inflation reading and a number of BoE speeches, GBP/NZD may be strained in the near-term. If speeches from the BoE Governor, Andrew Bailey, and policymakers Anna Sweeney and Catherine Mann reiterate the BoE’s dovish stance, it may hinder Sterling. If New Zealand’s inflation reading for the first quarter prints in line with market forecasts of 2%, it may bolster RBNZ rate hike bets and improve demand for the ‘Kiwi’. Should Russia’s invasion of Ukraine continue to escalate, it may drive additional volatility for GBP exchange rates. This further boosted GBP/NZD by increasing Bank of England (BoE) rate hike bets, and the currency pair hit a six-week high.Īt the end of the week, an unexpected rise in New Zealand’s business PMI prevented further gains for GBP/NZD. The UK CPI for March jumped from 6.2% to 7%. The ‘Kiwi’ initially jumped but then began to plummet. On Tuesday, mixed UK employment data left the Pound (GBP) directionless: the UK unemployment rate fell from 3.9% to 3.8%, but high inflation weighed on real income in the UK.Īt the same time, the Reserve Bank of New Zealand (RBNZ) hiked interest rates by 50 basis points instead of the predicted 25 bps, raising interest rates to 1.5%. Meanwhile, the New Zealand Dollar (NZD) lost ground as credit card spending contracted by 1.3% instead of rising as forecast. However, a 0.09% increase in UK government bond yields provided Sterling with some support.
The GBP/NZD exchange rate trended slightly higher at the beginning of last week’s session in spite of a lower-than-forecast UK GDP reading, with the UK economy slowing to 0.1% in February. If CAD breaks 59.446 level against INR made in mid Jun this year, CAD vs INR can go down to 56.689. Now if we see below chart, current price is at crucial support. As of today, CAD against INR is priced at 60.158 as per IDC chart. What’s Been Happening: GBP/NZD Surges Higher as UK Inflation Skyrockets CAD to INR Analysis 30 Minutes Chart CAD to INR Forecast Price Action Weekly Chart. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.The Pound New Zealand Dollar (GBP/NZD) exchange rate wavered throughout last week’s session before soaring to a six-week high on the UK’s hot CPI reading. compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. We may also receive compensation if you click on certain links posted on our site. We may receive compensation from our partners for placement of their products or services. While we are independent, the offers that appear on this site are from companies from which receives compensation.