GBP/NZD rates are moving steadily towards 2.15, with the Pound performing well despite the on-going concerns surrounding a possible UK Brexit from the EU. This move is in stark contrast to most Sterling exchange rates, which have found life extremely tough going of late and for this reason I would be extremely tempted to monitor the current spike and move quickly when the NZD starts to find some support.
With the Pound likely to come under further pressure in the run up to the June 23rd vote, I wouldn’t be gambling on another aggressive spike, due to the fact many of the most recent polls are suggesting the Leave vote has gained a lot of support over the past couple of weeks. Regardless of the fact there is no direct correlation between Britain’s participation in the EU and the New Zealand economy, the effect it will have on investor confidence and the global markets will have direct influence on GBP/NZD exchange rates.
Looking ahead and we have a key day for the UK on Thursday with the latest Bank of England (BoE) interest rate decision. We also have the subsequent monetary policy statement and BoE minutes, all of which will be closely monitored by investor’s. Any indication that the BoE may look to cut interest rates over the coming months is likely to halt any Sterling progress.
If you have an upcoming currency requirement and are keen to discuss the best currency options for your transfer, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for Matt. Alternatively, I can be emailed directly on [email protected]