GBPNZD falls steeply

Buying the New Zealand Dollar has become increasingly more expensive over the last 24 hours. This was following the decision by the Reserve Bank of new Zealand to not change their interest rate policy. There was a view that they may well cut rates which had previously attributed to the weakening of the currency and made it cheaper to buy over the last few weeks.  As a result of the levels levels unchanged we have seen an influx in demand for the new Zealand dollar and in turn making it more expensive to buy.

Rates have fallen by over 5 cents within the last 24 hours making a significant difference to the cost of buying property or services from the other side of the world. Although inflation is currently sat below where the government and bank would like it, many countries have the same issues. Consumer Spending in new Zealand  has been stumblingly low and would have been a contributing factor in the decision that was made.

Moving forward an interest rate change remains on the cards and therefore is a topic for all with exposure to the new Zealand dollar to remain vigilant of.

If you would like assistance with your transfer please make sure to get in contact. Contact myself Steve Eakins at [email protected] for more information including prices, rates, forecasts and strategies.