Sterling vs the NZD has started to fall during this week after having hit close to a 3 month high during the last few days.
The Pound has struggled across the board owing to the uncertainty of the Brexit vote which is due to take place in just over 6 weeks on 23rd June.
At the moment the polls appear very close and although I don’t think we’ll see the UK leave the European Union the uncertainty of what may happen at the end of next month is causing less foreign investment coming into the UK.
Indeed, this was proved last week when UK manufacturing data showed its lowest growth in 3 years.
Foreign investment is clearly lacking and until this is resolved I expect to see a difficult period ahead for Sterling. Therefore, the rates to buy NZD with Pounds at these levels may not last for much longer.
Part of the reason why the NZD has fallen recently is because of what is happening in Australia with a recent interest rate cut as well as the election due in the next few weeks but the uncertaint political and economic situation in the UK is likely to cause the problems for the Pound in the short term.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]