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NZD Consolidates Gains, GBP Fades As UK Cases Rise

FOREX
  • A firm Q2 NZ CPI print saw the headline reading print above the RBNZ's target band, triggering an extension of NZD strengthening post the RBNZ earlier this week. This left the NZD atop the G10 FX table, up 0.45%
  • Mild pressure in equities saw a firmer dollar for the majority of the session, however, the dollar index slowly inched back to unchanged on the day heading into the close.
  • Despite the gradual retreat of the greenback, GBPUSD was the weakest currency pair on Friday, breaching the 1.38 mark and likely to close around 1.3780, down 0.35%. Potentially weighing on Sterling, headlines confirmed over 50,000 new coronavirus cases for the first time in six months Friday amid a warning from the British government's top medical adviser that the number of people hospitalized with COVID-19 could hit "quite scary" levels within weeks.
  • Most other G10 currencies held narrow ranges on Friday with a lack of market catalysts to spark any price action approaching the weekend.
  • BOE MPC Member Jonathan Haskel due to speak on Monday, with US NAHB Housing Market Index the only US data point.
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