The New Zealand dollar rallied strongly on Wednesday, driving GBP/NZD back to one-month lows and some key support levels on the charts, following a better-than-expected second quarter labour market report.
The Pound to New Zealand dollar exchange rate has receded from post-pandemic highs but the author’s model suggests it should remain supported above 2.14, and that it could have scope to rise back above 1.16 up ahead.
The New Zealand Dollar's selloff has gone far enough, say strategists at HSBC, who close a sell recommendation.
In our previous edition of the Week Ahead Forecast, we opined that the Pound to the New Zealand Dollar was due to a pullback from notably overbought conditions.