The GBP/NZD rate dropped to its lowest point in a month towards the end of last week. This could be down to the major sell-off that was going on in the currency markets which seems to have passed the New-Zealand dollar by. Investors kept their money in the NZD whilst a lot of other currencies were offloaded.
In New Zealand there is a retail sales release today, the figures are expected to be positive which could further strengthen the NZD. However the New Zealand dollar has a cloud hanging over it after the forecast from the Australian Commonwealth Bank have predicted the GBP/NZD rate will be 2.29 by the end of March. Furthermore the Royal Bank of New Zealand is actively trying to weaken the currency suggesting a interest rate decrease might not be off the cards if the currency gets to strong.
If you are looking to purchase NZD the rate is expected, based on forecasts, to go in your favour. If you haven’t got an immediate requirement you may have a good opportunity in the coming weeks. If you are looking to sell NZD you have some of the best rates in the last 6 months. Considering the NZD is potentially going to weaken selling dollars sooner rather than later may create significant savings.
Please contact me if you would like to find out any further information regarding Pounds and Euros. I am happy to provide you with information that will allow you to make the most informed decision when changing currencies. No matter how small the transaction there is always money to be saved by making a well-timed and educated decision. If you would like to get in touch please contact me Ben Fletcher at [email protected] and hopefully I can be off assistance to you.