During Friday’s trading session GBP/NZD traded within the range of 1.9401-1.9510 and closed at 1.9476.
Fundamental view
New Zealand
The New Zealand input PPI probably rose 0.4% in the first quarter, following an unexpected 0.7% drop in the previou quarter.
The quarterly PPI expresses changes in price levels of the manufacturing sector of the economy. It compares the output index (measuring changes in the price received by producers), and the input (which measure changes in the cost of production). Input indexes measure changes in the price, excluding labor costs and revaluation. These include the cost of materials, fuel and power, transport and communications, commissions contractors, rental or purchase of land, buildings, vehicles or production facilities, business services, insurance benefits. The index does not include salaries and wages (covered by the Labour Cost Index), capital expenditures (measured from Capital Goods Price Index), real estate taxes, royalties agreements, costs of government patents, tolls, bad debts and donations. Incoming indexes do not measure the complete changes in production costs. The structure of the index is periodically updated to overcome the above limitations.
Statistics New Zealand is scheduled to release an official report at 22:45 GMT on Sunday. A higher-than-expected reading would have a bullish effect on the kiwi, as the NZ dollar is best known.
United Kingdom
Rightmove is expected to release official data on its UK house price index at 23:01 GMT on Sunday.
The index presents the results of a monthly survey of real estate prices announced by vendors. It observes the changes in house prices on a monthly and annual basis, providing an overview of the current state of the property market in England and Wales. The index is published on Rightmove.co.uk. This is the percentage change in the index over the corresponding month a year earlier.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/NZD manages to breach the first resistance level at 1.9524, it will probably continue up to test 1.9571. In case the second key resistance is broken, the pair will probably attempt to advance to 1.9633.
If GBP/NZD manages to breach the first key support at 1.9415, it will probably continue to slide and test 1.9353. With this second key support broken, the movement to the downside will probably continue to 1.9306.
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