The New Zealand Dollar has regained some of the lost ground previously seen at the start of the month when news coming out of China caused more dismay to the financial markets similar to what we were seeing in October.
Strangely, overnight news that Chinese growth was the lowest markets had seen in decades did little to weaken the New Zealand Dollar further on the markets.
It seems that markets were already expecting poor figures such as this to be released overnight, which is why the New Zealand Dollar did not suffer further when its second largest export partner confirmed this recent string of poor news culminating in lower growth expectations.
With this string of poor data saturated for what will likely be a couple of months (if the pattern from last October is anything to go by), New Zealand Dollar buyers will have to rely on Sterling strength to produce some better buying levels for GBP/NZD exchange rates.
Unfortunately that seems to be something a few months away from being achieved.
Recent flooding in the UK is not only an issue for infrastructure damage but is also causing damage to economic output. For an example last Monday we saw retail sales figures released for the UK economy for the month of December.
Instead of the massive growth markets were expecting and were, frankly, excited about given the recent run for Sterling. Instead sales fell flat as buying activity has slowed down tremendously.
Those with New Zealand Dollars to buy should be looking to move sooner rather than later whilst rates are still so staggeringly high compared to where we have been in recent years.
If you would like to discuss current forecasts and would like to save money on exchange rates compared to your bank, feel free to contact me on [email protected] for a free quote and a tailored appreciation of your situation on the currency markets. 01494 787 478