The New Zealand Dollar gave up its gains from Monday trading a cent higher at the close of business yesterday. The New Zealand Dollars recent fall has presented a good window of opportunity for New Zealand Dollar buyers with the rate firmly remaining in the mid 1.70’s for 5 days now.
There has been significant volatility for the NZD in the last week after Sterling’s boost. However, this has not been represented domestically where New Zealand’s Retail Sales Figures for the Quarter were better than expected.
Tomorrow the Reserve Bank of New Zealand will deliver their financial stability report which will outline some of the key factors in the near future. The RBNZ who previously were trying to actively weaken the currency as it moved into the 1.60’s may be more comfortable with the recent movements. There had been talk of a further rate cut which would have been the third this year however that may have eased.
The New Zealand Dollar is currently experiencing a huge amount of external factors which is why there are such big swings in the market. The interest rate decision in America will have a significant effect as currently investors have to put their funds in riskier markets. If there was to be an interest rate hike then we would see investments come out the NZD and into the USD. This in my opinion would see Pound to New Zealand Dollar exchange rates move back towards the 1.80 mark if not above it.
The current window of opportunity for New Zealand Dollar buyers presents the best trading level in 6 weeks. If you do have a requirement make sure you’re in touch with your broker to capitalise on the rates. Email me here if you would like to discuss a currency transfer in more detail.
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