Getting the best exchange rate can be achieved by understanding what is driving exchange rates and the service of a specialist currency broker.
|Currency Pair||% Change||Difference on £200,000|
Over the last few weeks the NZD has continued to get more and more expensive.
Even though the Pound has been falling against most currencies, the loss against the NZD is one of the largest as New Zealand’s economy shows continual signs of improving.
Earlier this week New Zealand trade balance statistics revealed its fourth consecutive surplus in June, all driven by the raising dairy exports. The surplus was reported at NZD$242 million, significantly higher than expected NZD$150 million which gave the NZD strength.
Following yesterday’s announcement from the US FED that they were not going to raise interest rates and indeed their suggestion that it may not happen for some time, the NZD has gained. This simply being from international investors that had moved their funds into the USD in the hope of a return have now moved into the NZD. This change in demand has pushed its value up making it more expensive to buy and I generally expect this to continue.
Next on the horizon for data which will drive NZD value is the fortnightly New Zealand Dairy Auction and employment data next week. Dairy prices have continued to climb almost fortnightly at the moment so I would see this as a risk for anyone looking to buy NZD as it will probably result in prices climbing.
Unemployment in New Zealand currently stands at 4.9% and I don’t expect any change from this on Tuesday evening.
Moving forward I generally expect buying the NZD to trend down, with these weekly losses more likely to be repeated in the weeks ahead. Buyers should be looking for an opportunity to try and take any small gains whereas sellers may well wish to take the longer position. Buyers in the near future I expect would be waiting for Monday with the end of month flow expected to give you some respite, sellers however may well wish to wait for the next dairy price index release.
Thank you for reading my NZD report, if you have any questions about an upcoming transfer I would be more than happy to discuss them – you can contact me with any queries here.
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