The Kiwi has once again started the month on the back foot. Despite positive trade data that saw the kiwi stronger at the end of January, a surprising rise in unemployment figures last week drastically switched the trend against the New Zealand dollar with a jump up to 4.3%.
|Currency Pair||% Change in 1 month||Difference on £200,000|
Furthermore, the US-China trade war face off has sucked much of the appetite for risk out of the markets which has left commodity based currencies like the kiwi out of favour with investors.
Evidently the 2 factors have combined and despite all of the Brexit uncertainty UK side, the pound has been relentless in capitalising on the turn in trend against the Kiwi, with a rise of nearly 2% in the space of a week, providing more than $7,000 from a £200,000 transfer.
This move has provided those in the market for New Zealand dollars with an excellent window of opportunity to maximise their returns. If you have an immediate requirement, feel free to get in touch with your account manager to make sure you are in a position to move on the next spike in your favour.
With the scene set, there does seem to be real potential for GBP NZD volatility with the RBNZ’s monetary policy statement due along with key inflation level projections for Q1 this evening.
In his most recent monetary policy statement, Governor Adrian Orr highlighted the strong employment levels, despite the downturn in global trade tensions, as a strong basis for the economy moving forward so it will be interesting to see if last week’s worrying releases are acknowledged.
Inflation levels also remain a clear area of concern for the RBNZ and last night’s modest retail sales number may not provide much support to the Kiwi in the build up to tonight’s release. Those looking to sell New Zealand dollars may want to consider their options ahead of this evening to limit their exposure to another potential move back towards the 1.95 mark.
It was efficient, felt very secure with the checks made along the line and a very good rate of exchange.
Excellent service. Contacted in the morning transferred funds. My bank in Spain received money the following morning. Brilliant.
We always use foreign currency direct. Completely happy with the service, fast and friendly.
Very good. Very efficient. Excellent rate.