GBP/USD drops, NZD/USD surges as oil spike hits risk sentiment

GBP/USD declined 0.4% to 1.2780 amid broad sterling weakness, while NZD/USD jumped 0.6% to 0.5920 as commodity currencies benefited from surging oil prices. Crude oil spiked 3.2% following a drone strike on Russia's Novorossiysk terminal, heightening global supply concerns. The pound faced additional pressure from disappointing UK economic indicators, while the kiwi dollar found support from rising commodity prices and gold's 0.8% advance to $2,650. China's economic data painted a mixed picture, with home prices recording their steepest fall in a year despite officials claiming stabilization is taking hold. The Reserve Bank of India intervened in forex markets, selling USD to support the rupee near 84.40. Technical analysis shows GBP/USD testing support at 1.2750, while NZD/USD approaches resistance at 0.5950. Rising geopolitical tensions and commodity price volatility suggest continued market uncertainty ahead.