GBP/NZD Dips as BoE Holds Rates, NZD Strengthens on Strong GDP

The Pound New Zealand Dollar (GBP/NZD) exchange rate saw a decline on Thursday after the Bank of England's interest rate decision. At the time of writing, GBP/NZD traded at NZ$2.3302, down 0.5% on the day.

The New Zealand Dollar benefited from stronger-than-expected GDP figures, which showed a growth rate of 0.2% for the second quarter, beating forecasts of 0.1%. The first-quarter growth was also revised higher, from 0.8% to 0.9%.

The UK's retail sales data will be closely watched on Friday, with expectations of a 0.2% contraction in sales growth following a 0.5% contraction in July. If the data meets forecasts, it could raise concerns about the health of the UK economy and weigh on GBP.