New Zealand Dollar's Star Fades with Kiwi Chained to the Earth by RBNZ 

The New Zealand Dollar was unable to capitalise on a better-than-expected jobs report Wednesday in a further sign that its star has faded with a market that is increasingly wary of n ongoing Reserve Bank of New Zealand (RBNZ) attempt to chain the Kiwi to the earth next week and beyond.  

After eight consecutive days of gains Pound Sterling finally painted a down-day against the New Zealand Dollar on Tuesday which could signal a temporary ending to the recent strong advance, but technical studies of the pair suggest further gains are ultimately still likely.

The Pound-to-New Zealand Dollar rate has corrected higher into an improved trading range that could see it lift as far as 2.0 if poor second quarter jobs report on Tuesday elicits more dovish rhetoric or policy action from the Reserve Bank of New Zealand (RBNZ) next week. 

The Pound-to-New Zealand Dollar exchange rate is trading softer at the start of the new week and month at 1.9706, however short-term momentum remains firmly with Sterling bulls and any weakness is likely to be short-lived based on current technical and fundamental setups.

The Pound-to-New Zealand Dollar exchange rate continues its short-term march higher, with the pair looking on track to secure a seventh successive day of gains should the current 0.40% daily advance hold into the close.

The New Zealand Dollar has shed further value against the British Pound on Thursday as a sell-off in global stock markets and commodity prices hits 'high beta' currencies such as the Kiwi and the Aussie.

The Pound-to-New Zealand Dollar exchange rate has now completed four consecutive days of gains, with a 0.66% advance on Tuesday being the largest single-day gain since early June.

The Pound is looking to secure a fifth successive day of gains against the New Zealand Dollar, with the GBP/NZD exchange rate rising from last week's multi-month low at 1.90 to quote at 1.9348 at the time of writing.