Those following GBP exchange rates will be aware of the recent surge in Sterling’s value, and the pattern is no different for the NZD pairing as Sterling is now trading at almost a 4 month high against the Kiwi currency.
Much of the reason behind this trend is due to prominent bookies and pollsters now suggesting that there is little chance of a UK vote to leave the EU, and this news has been welcomed by the markets unsurprisingly as historically speaking, political uncertainty tends to weigh of the value of the underlying currency and that’s what had been dragging down Sterling’s value for much of this year.
The New Zealand Dollar wasn’t helped yesterday as Fonterra, the world’s largest exporter of dairy products and a company owned by 13,000 New Zealand dairy farmers, claimed that the New Zealand Dollar is currently overpriced and this is affecting milk prices and the general industry outlook negatively.
If New Zealand Dollar strength is a concern for the countries main set of exporters, I wouldn’t be surprised to see the Reserve Bank of New Zealand take action in future in order to weaken the currency, therefore I’m not expecting the GBP/NZD uptrend to change anytime soon.
If you have to make a currency exchange involving the GBP/NZD currency pair, it’s worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.