The New Zealand dollar has fallen considerably against t he pound following the announcement from Theresa May there will be a general election on 8th June. The Conservatives are currently well ahead in the polls and it is almost a foregone conclusion they will be victors in the election. Political uncertainty weakens the currency in question, but with the Conservatives so far in front and the fact that a conservative government is considered positive for the UK economy we have seen Sterling rally against the majority of major currencies.
There has been a rise in global dairy prices, Dairy is New Zealand’s most predominant export and this caused the New Zealand Dollar to rise against both the Australian Dollar and the Chinese Yuan. Whole milk powder rose by 3.5% at the global dairy trade auction last night. It is looking as though many trade partners are prepared to pay premium prices for New Zealand’s products.
If you would like further information on which way I think GBP/NZD is headed please drop me an e-mail.
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