GBPNZD rates remain under pressure

The pound to New Zealand dollar rate is likely to remain trapped in a range above 1.70 but limited in the higher 1.70’s as we await some big market data to change the sentiment on the market that would lead to us seeing a better level on offer for both buyers and sellers. There are some big events coming up which will influence the pound, notably how well the market receive the latest news on Article 50. For now I think anyone concerned with a GBPNZD transfer should be carefully monitoring the market to await further news from the outcome of this important decision.

Most commentators are expecting some news to help the situation further along which would relate to this important market moving event. When Article 50 will be triggered is the big question at present, many commentators are keenly following the news awaiting the information on when the UK will officially trigger the legal mechanisms to leave the EU. It has been promised to be as early as the beginning of March but Theresa May did say by the end of March 2017.

On the Kiwi side most market watchers are awaiting further news on the likelihood of any further interest rate hikes. The outlook for the market is focused on the RBNZ (Reserve Bank of New Zealand) who will be waiting for some further news on just what to aim for with their interest rate decisions and policy.

The market outlook is a little subdued currently as we await for further information. Whilst sterling does appear to be likely to remain under pressure there is a chance we will see some better news for anyone buying New Zealand dollars in the future when we have the latest news. If you wish to learn more about the important events which will impact the market and the rate that you wish to achieve. Please email me Jonathan Watson on jmw@currencies.co.uk