Having seen sterling gain value against a number of other major currencies in the past few weeks, one currency that we have seen quite the opposite with is the New Zealand dollar.
The pound has come back from a high of 2.04 only a month ago to be trading around the 1.91 level at the time of writing this report.
To put that into monetary terms, selling NZD $300,000 now compared to a month ago would achieve you an extra £10,000, a considerable difference.
|Currency Pair||% Change in 1 month||Difference on £200,000|
Economic data has been fairly impressive of late, and has actually exceeded expectations. Last week unemployment figures blew the market away when they beat analyst’s predictions by 0.4%, this caused a surge in the value of the New Zealand dollar which has continued since that point.
The unemployment level was the best that New Zealand had seen since 2008, which came out at an impressive 3.9%, improving from 4.4% the previous quarter which is quite a jump.
I have no doubt that Brexit news will dominate the movements of this pairing this week but we must also be cautious of any further developments in trade tensions between Donald Trump and China.
Trump seems to be dipping between ramping up the pressure on China one week, to becoming intent on brokering a deal the next.
The route he takes could impact the New Zealand dollar as it can alter global attitude to risk.
Positive developments in global trade can lead to strength for the New Zealand dollar, just as any issues or heightened tensions can weaken it, so it is certainly one to watch very closely if you have a currency exchange to carry out involving the New Zealand dollar in the near future.
If you have New Zealand to buy or sell, yet do not have time to watch the markets all day every day then it may be prudent to register with us and let us do that for you. Feel free to contact us today on 01494 725353 and we will run you through the quick and simple process of having an account set up which will also give you access to rate alerts and many other handy market tools.
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