The value of the New Zealand dollar has generally been increasing over the last 30 days. Much of this movement has been down to political challenges within the UK and the potential ramifications of Brexit and therefore UK PLC. On Monday interbank rates to buy NZD were at the most expensive since the 1st April and had dropped by over 10 cents over the previous 30 days.
|Currency Pair||% Change (Month)||Difference on £200,000|
The other driver which has been weakening the value of the New Zealand dollar has been the escalations on trade talks and the prospect of the US interest rates dropping later in the year. The trade talks are continuing but are showing little signs of improving in the near term. As New Zealand trades extensively with China, when the Chinese economy falls it normally has an impact on the value of the NZD. This coming weekend there is a G20 meeting taking place in Japan when China's President Xi Jinping and President Trump are supposed to meet, this is becoming a very important meeting as it is expected to be the driving event for progress on talks.
Since Monday however the cost of NZD has decreased with rates climbing by over 2.5 cents, the sharpest increase seen in over a month. domestically, economic data has started to show improvements with Manufacturing sales remaining stable on Monday, a steep increase in visitors reported on Tuesday to boost the heavily dependent tourist industry to the overall Gross Domestic Product (GDP) of New Zealand, and Retail figures also increasing.
Later this evening, overnight London time, further data is scheduled for release including business Purchasing Manager's Index (PMI) data and Food prices, these are also expected to show an improvement.
US trade talks could have a large impact on GBP/NZD values going forward. As a result, "if you haven't got the Trump Twitter account up on your screen, you don't know what's going on," said interestingly by Tim Kelleher, the head of institutional foreign exchange at the Commonwealth Bank of Australia this week.
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