The pound has seen a strong day against the New Zealand dollar with gains of 0.75% on the day. The pound saw an upturn last week following the appointment of Theresa May as the new British Prime Minister and her new cabinet in place.
The pound also surged after there was no action from the Bank of England in cutting interest rates as had widely been anticipated. The fact that interest rates were held steady has led many to believe that August will see major policy action from the central Bank.
Comments from the new Chancellor of the Exchequer Philip Hammond yesterday reiterated what Mark Carney has said that a package of monetary easing is being put together to calm the markets following Brexit.
Today however the Bank of England has said that there has been little change to businesses as a result of the vote so there are some mixed signals at the moment. It has probably resulted in the rally today but the reality is that August 4th should see some changes from the Bank of England.
This “package” could be negative for sterling exchange rates and there could be some better opportunities for anyone selling New Zealand dollars after that time.
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