The GBP/NZD rate has continued in the rage of 1.79-1.80 over the last few days and this looks likely to continue. There has been some good news for Sterling in the last week as data is released that suggested there is yet to be a major fallout from the Brexit vote.
Whilst it may be premature to believe the referendum troubles has passed, JPMorgan has reported they believe investing in the UK could be better than the EU. However this has been challenged by HSBC and UBS who believe Sterling has more ground to lose.
Reserve Bank of New Zealand Rate Cuts
The Kiwi has received some support recently after Governor Graeme Wheeler suggested there could be further monetary policy changes for the New Zealand Dollar. However he made it clear that there wouldn’t be any rapid measures introduced; this settled the markets as it reduced the levels of uncertainty surrounding the RBNZ.
Currency markets are heavily influenced by uncertainty so Governor Wheeler sharing his thoughts means less guess work and more confidence from investors.
Moving forwards in the next few weeks it seems likely that the rate will remain around the levels currently. Sterling still has so many unanswered questions since the Referendum and if this continues there may not be any major jumps in the short term.
Working for an established brokerage allows me to achieve the best rates of exchange for my clients. I am also able to assist with the timing of a transaction to make sure you get the most for your money. If you would like some information with regards to a currency requirement please email me at [email protected].