The Pound New Zealand Dollar (GBP/NZD) exchange rate ticked higher over the past seven days amid some volatile shifts to risk appetite. Additionally, a pessimistic outlook for the UK economy continued to weigh on Sterling over the week which may have pulled the exchange rate lower.
What’s Been Happening: Pound Slumps amid Cautious BoE Stance
The Pound (GBP) struggled against its competitors over the past seven days. Sterling Initially stumbled as a result of fresh Brexit uncertainty as MP’s backed the government Northern Ireland protocol bill.
A dovish speech from Bank of England (BoE) Governor Andrew Bailey on Wednesday further undermined Sterling sentiment. Bailey signalled that the central bank may not need to ‘act forcefully’ amid signs of an economic slowdown.
An above-forecast fall to manufacturing sector growth on Friday also dragged on GBP exchange rates. Higher prices for raw materials and supply chain disruptions were highlighted as potential factors.
The New Zealand Dollar (NZD) remained largely at the whims of risk appetite over the past seven days…
