This New Zealand Dollar report will address the factors that are likely to affect NZD exchange rates this week if you looking to make a currency transfer. In the table below you’ll see high to low GBPNZD exchange rate movement when exchanging £200,000 to New Zealand Dollars in the last 30 days.
|Currency Pair||% Change||Difference on £200,000|
The Pound to New Zealand Dollar exchange rate has endured a difficult period since election night two weeks ago. At the moment the Tories have still yet to put an agreement officially in place with the DUP and until we get some form of certainty I expect the Pound to remain under pressure against the NZD.
Late on Wednesday night the RBNZ will confirm its latest interest rate decision with interest rates currently sitting at 1.75%. The last time a change was made was back in November. This month I think we’ll see interest rates remain the same and this could potentially see further NZD strength vs the Pound.
The likelihood is that we’ll see the RBNZ Governor Graeme Wheeler remaining very neutral on interest rates with no suggestion of either a rate hike or a rate cut.
GDP in New Zealand has been slowing recently but remains near the 3.5% level but this is comfortably above where the RBNZ wants it to be so another reason for keeping interest rates on hold.
New Zealand’s Services Sector which accounts for approximately two thirds of the economy recovered last month and Consumer Confidence data has hit its highest level in just over 2 years.
With the Brexit talks happening this week as well as the political uncertainty in government I think we could see further NZD strength vs the Pound. Therefore, if you’re in the process of looking to sell New Zealand Dollars to buy Pounds then it may be worth seeing what happens towards the end of this week.
Owing to the time difference between the UK and New Zealand even though our trading lines are closed whilst an announcement is made it may be worth placing a Limit Order which allows you to set a pre-determined rate which is automatically triggered is we are able to buy at your desired rate. This is particular useful when markets can move quickly outside trading hours.
For further updates on how future data releases could affect your currency transfer you can contact any of our currency brokers on 0044 1494 725 353 or email me directly at email@example.com.