The GBP/NZD crosses over a 15-month high in response to the dovish RBNZ decision.

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This week, when the Reserve Bank of New Zealand (RBNZ) unexpectedly declared the conclusion of its tightening cycle, the GBP/NZD currency rate surged to its highest point since mid-February 2022.

Last week, the GBP/NZD exchange rate was initially subdued. The Pound was pulled down by disappointing PMI data, while the risk-sensitive New Zealand Dollar (NZD) was under pressure.

The ‘Kiwi’ plummeted as the RBNZ surprised market participants with a dovish interest rate announcement. Markets had expected the bank to telegraph more rate rises in reaction to the New Zealand government’s expenditure plans, which might raise inflation.

Instead, the bank stated that interest rates had peaked, causing the New Zealand dollar to fall.

This weighed on the ‘Kiwi’ until the end of the week, as a gloomy market sentiment with the U.S. debt limit situation exacerbated NZD losses.

Meanwhile, the UK’s latest consumer price index injected volatility into the Pound (GBP) midweek. The Pound eventually rose as the strong CPI figure supported the Bank of England’s (BoE) interest rate hike predictions.

On Friday, strong UK retail sales data helped GBP/NZD cement its gains, reaching a 15-month high.

GBP/NZD Long (Buy)
Enter At: 2.073119
T.P_1: 2.078027
T.P_2: 2.091185
T.P_3: 2.102917
T.P_4: 2.114195
S.L: 2.041401


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