United Kingdom (UK) Chancellor of the Exchequer Rachel Reeves expresses concerns during the European trading session over the rising cost of borrowing. Reeves added that progress in inflation towards normalization has remained slow.
GBP/USD extends its downward momentum, touching a new seven-month low at 1.3097 on Friday. The pair remains under persistent selling pressure as investors continue to favor the US Dollar (USD) amid reduced expectations of further Federal Reserve (Fed) easing.
New Zealand Dollar (NZD) could edge lower and test 0.5720. In the longer run, NZD is under mild downward pressure, and could edge lower, potentially testing 0.5700, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.