With the currency markets moving every two seconds, it can be vitally important to be aware of what is driving the currencies in or out of your favour. The table below shows the difference you would have received when buying £200,000 at the high compared to the low in the past week.
|Currency Pair||% Change||Difference on £200,000|
The ever strong New Zealand Dollar could be set to make further gains this week as the latest Trade Balance data is released showing Import and Export data for the economy. In the last few weeks China released their latest economic data which was very positive and that could well relate to the figures in New Zealand as their biggest trading partner.
The country will vote in just over a months’ time and the race is getting tight according to the latest polls taken on the weekend.
The National party who are the current leaders of New Zealand have dropped 3 points to 40% of the vote whilst the Labour party have moved up to 37% of the vote.
In a speech over the weekend countering the recent drop in support the National revealed their latest plan of spending $10.5bn NZD on new major roads across the entire country. The initiative is thought to have been received well however the election campaigns have only just got started so the question of funding is yet to be asked.
An election can often create major volatility for a currency especially when there could be a significant change in the way a country is run. The New Zealand Dollar has shown strength over the past 3 months against Sterling however some of the ground could be lost with the election. In my opinion we may start to see the GBP/NZD rate move back towards the 1.80 level as the election nears its conclusion.
If you’re looking to sell New Zealand Dollars to Sterling since May you have gained nearly £8,500 on a $200,000 transfer.
If you do have an upcoming requirement get in contact with your broker to discuss the options available to you to make sure you’re in a position to trade should the market move.
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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