This New Zealand Report will address the factors that could have an effect on NZD exchange rates over the coming weeks. The table below looks at the difference between the rate you would have achieved when purchasing £200,000 at the low and high levels during the past 30 days.
|Currency Pair||% Change||Difference on £200,000|
Yesterday statistics showed that New Zealand trade balance figures have posted a fourth consecutive surplus in June. This was primarily driven by raising dairy exports. Merchandise trade surplus came in at a huge 242 million last month which has smashed the expected forecast and has handed the NZD further strength within the market.
Whilst the dairy exports were to main drive for this continued growth, Surging car imports were one of the most significant drains, topping 500 million NZD in June which is up a huge 7.7% from this time last year.
The GBP/NZD rate was pretty much unchanged by the New Zealand trade report as comments made by the New Zealand assistant governor John Mcdermott countered the data’s positive impact. Mcdermott stated on Wednesday that “If anything a weaker NZD could help rebalance New Zealand’s economic growth”. With the rest of the week relatively quiet in terms of data releases, and the majority of data releases outside of our normal trading hours I would strongly consider a limit order.
With movement expected over the coming week in the currency markets and key data releases outside of normal trading hours a limit order is an important tool clients can use to make sure you benefit from trading levels outside of working hours. Very simple once a level is hit within the markets at whatever time of day your currency will be purchased automatically. Please do be in contact with your account broker to discuss any requirements you may have.
Thank you for reading today’s New Zealand Dollar report, I would greatly appreciate any feedback you have and would take pleasure in replying personally. I am more than happy to assist you with any of your currency requirements. Feel free to e-mail me here.
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Efficient service as always. Excellent customer service, with dedicated dealers who get to know you. Would not hesitate to recommend.