Where Next for GBP/NZD? (Daniel Johnson)

GBP EUR Exchange Rate: Weekly Review July 16  

There is little data of consequence released next week from New Zealand. The key data release will be the UK interest rate decision on Thursday. I say key, I predict it will be a non event. I doubt there will be any change in interest rate. What may move markets however is how the Monetary Policy Committee (MPC) voted. The MPC consists of nine members who vote on whether rates should change. Last month we saw all nine members vote to keep the interest rates the same level. If however there is any change in vote expect market movement. There is the possibility that a member could vote for a drop considering current poor figures from the UK. I think this would be an over reaction however. The poor data is a direct result of the uncertainty surrounding the EU referendum.

I think current trading levels for GBP/NZD are close to the best we will see up until the referendum. If you are a NZD buyer I would be tempted to move.

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