GBP/NZD Exchange Rate Hits One-Week High Before UK GDP Figures

The Pound-New Zealand Dollar exchange rate retreated from its one-week high on Thursday due to some dip-buying in the 'Kiwi', but the currency's support is being tested by a weaker New Zealand PMI reading.

At the time of writing, GBP/NZD traded at NZ$2.3172, down marginally from the previous day's close, with a 0.55% appreciation for Pound against the Kiwi in the past 24 hours.

The New Zealand Dollar has been trying to recover from its one-week lows on Wednesday evening and managed to crawl up from its worst levels on Thursday despite a mixed market mood.

However, traders are looking ahead to this week's key economic releases, including the UK's GDP figures due out on Friday. Markets expect growth to have stalled in July, which could weigh on the Pound and potentially dampen Bank of England interest rate hike bets.