GBP/NZD Hits 11-Year High Following New Zealand Jobs Data

Key Facts

The GBP/NZD exchange rate struck a fresh 11-year high on Wednesday following the release of New Zealand's labor market data. According to exchangerates.org.uk, weak unemployment figures and election uncertainty are keeping the New Zealand Dollar under pressure, while the British Pound remains supported by anticipation of the Bank of England's policy stance.

Data from Statistics New Zealand on November 3, 2026, showed the unemployment rate rose to 5.7%, exceeding the 5.5% forecast. Employment change for the quarter fell by -0.1%, a significant decline from the previous 0.3% growth, contributing to the fundamental divergence between the two currencies.

The Bank of England is scheduled to announce its interest rate decision and release the MPC meeting minutes today, November 5, 2026, with markets forecasting a rate hike to 4% from 3.75%. Governor Andrew Bailey is also expected to deliver a speech following the release of the latest Inflation Report.