Pound surges as commodity prices suffer, GBP/NZD at multi-month highs (Joshua Privett)

GBP EUR Exchange Rate: Weekly Review July 16  

Questionable global demand for net exporting countries is hurting the currency value for many net exporting countries such as New Zealand, driving the GBP/NZD pairing further into the 1.80’s.

Confidence is lower. This is being driven by expectations of lower demand for foreign goods in the world’s two largest economies. Chinese data overnight has been underwhelming once more, and heightened US production and Trump’s focus on ‘make American, buy American’ is driving commodity prices to new lows.

Oil for example has recorded losses in 6 consecutive trading sessions, which is why the likes of the New Zealand Dollar has cheapened alongside the Australian Dollar and the Canadian Dollar.

Frankly, anyone with a New Zealand Dollar selling requirement is losing on two fronts, as the long-term uncertainty for global demand means the spotlight on the UK’s economic future is losing some attention. The Brexit and its processes are no longer being seen in such a daunting light, and, as such, the Pound has be strengthening against most of its major currency pairings.

Of course this means that vice-versa applies, unless we see a sudden turnaround in fortunes, GBP/NZD exchange rates should continue to improve.

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