Yesterday saw GBP/NZD hit the highest level we have seen since early January as the Pound appeared to soar against the antipodean and commodity based currencies.
I feel there is now every chance that Sterling will test and rise above the 1.80 mark in the coming days as long as we do not see a slip up on the potential banana skins that article 50 throws up in the coming days.
As it stands the Pound has climbed almost daily since last week against the New Zealand Dollar and the main reason behind this is due to comments made by the RBNZ (Reserve Bank of New Zealand) at their latest interest rate decision.
The RBNZ recently commented that they feel the New Zealand Dollar needs to weaken in order to get the economy over there flowing freely again and following on from their recent comments I would suspect an interest rate cut is on the horizon for New Zealand.
The country’s main export (dry whole milk) has seen its price decline in recent months and although it had a terrific 2016, 50% of the gains we saw for dry whole milk prices have now been eradicated.
An interest rate hike is generally seen as positive for the currency concerned and a cut negative so the mere speculation of this happening could easily lead to GBP/NZD pushing back above and beyond the 180 mark during the course of this week, offering New Zealand Dollar buyers the best buying opportunity since the turn of the year.
Feel free to contact our trading floor on 01494 725353 should you wish to discuss an upcoming New Zealand Dollar requirement as the GBP/NZD rate can move rapidly and trends do turn around based on global news as well as economic data so it is key to have an experienced traders view before making any key decisions.
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