GBP/NZD Hits Near One-Month High as Kiwi Takes a Hit
The Pound New Zealand Dollar (GBP/NZD) exchange rate rose to a near one-month high last week, driven by a risk-off mood and disappointing NZ data. At the time of writing, GBP/NZD traded at NZ$2.3010, up over 0.5% on the week.
The New Zealand Dollar (NZD) faced pressure due to concerns about the conflict in the Middle East and stalled US-Iran peace negotiations. The 'Kiwi' also came under pressure after new data showed that business inflation expectations unexpectedly eased in the third quarter, dampening bets on a Reserve Bank of New Zealand (RBNZ) interest rate hike.
The Pound (GBP) started the week on a strong note, with Sterling climbing without a clear catalyst for the movement. However, it was unable to maintain this momentum and remained directionless until the end of the week.