Buying New Zealand Dollar rates tracking back this morning (Joshua Privett)

The Pound has begun the third day this week as poorly as it ended on Tuesday, with GBP/NZD tracking back into the 1.69’s and touching on 1.68.

Yesterday the Pound suffered with the release of some lacklustre business confidence figures in the UK manufacturing sector. Today we will be taking a look at the construction sector and the way the Pound is performing at the moment suggests markets are getting nervous.

Business confidence figures are a good measure for markets on growth in the UK economy further down the line. They heavily inform investor activities, and as such, are a nod towards future demand for Sterling for foreign investors to access the Pound.

Whilst the figures are still positive, the same euphoria as last month is decidedly absent.

Looking forward tomorrow we have the major event of the month, the Bank of England interest rate decision, monetary policy statement, and quarterly inflation report.

Speculation is rife as to what may happen, with markets split on whether interest rates will be kept on hold, or cut further. With UK interest rates still at a depressingly low 0.25%, any cut would be largely symbolic.

Frankly, due to the backlash the Bank of England received for enacting an interest rate cut so sharpishly following the Brexit vote, and with the incredibly positive growth figures posted by the UK economy, they have plenty of excuses to sit on their hands this month.

Markets seem to still be selling off Sterling in the run-up to the event to avoid the risk surrounding it anyway. People with a New Zealand Dollar buying requirement may be wise to secure an exchange rate ahead of time and follow this market activity. Frankly they seem to be sensible for once.

I have never had an issue beating the rates of exchange on offer elsewhere, and these current buying levels can be fixed in place for anyone planning a foreign currency transfer and wish to avoid any risk further down the line.

You can contact me for a free, no obligation quote on [email protected], and to discuss the options open to you for your transfer.