The Pound was on a strengthening trend yesterday similar to when it began last week on Monday, with buying rates on GBP/NZD now reaching up above 1.86 following yesterday’s currency movements.
Over the weekend New Zealand posted some stable inflation levels which made is surprising that rates of exchange managed to climb as high as they have, but it seems that markets are much more focused on recent developments in the UK following the announcement of a new Prime Minister.
Since Monday of last week the Pound has been on a steadying trend, recouping some of the losses forced upon it during the announcement of the Referendum result.
By avoiding a lengthy two month campaigning processes for leadership of the Conservative Party, and, by default, the new Prime Minister, greater confidence was imbued into the UK economy to weather the upcoming storms brought on by the Brexit vote.
This perception of increased stability was furthered by the quick rolling out of a new government, and from the installation of a brand new Secretarial position purely geared towards handling the Brexit. The new Secretary for Exiting the European Union has already stated that he will be taking a practical approach, and not enacting Article 50 until early next year.
This buffer has allowed markets to realize that they can operate with some degree of normality, and wait to see how the UK pre-negotiates its exit from the EU.
With the Pound having some pressure released off it, we could be seeing further gains for NZD buyers in the near future.
Anyone with a NZD buying requirement should contact me on 01494 787 478 and ask the reception team for Joshua to discuss a strategy for your transfer in order to maximise your New Zealand Dollar return.
I have never had an issue beating the rates of exchange offered elsewhere, and these current buying levels can be fixed to avoid rates moving against your favour. [email protected]