Will GBPNZD rates hit 1.80 in the coming weeks? It is highly likely that yes this will be the case, GBPNZD did actually hit a high of 1.7946 today so further improvements to get back above this important level must be in the pipeline on the currency markets. If you have a transaction involving the pound and the Kiwi the last few weeks have been rather unsettled but disappointing in the end for Kiwi buyers. January saw the rate slip below 1.70 and we have been eagerly waiting for the rate to come back.
If you are taking a longer-term view of what is happening in the future it might be that the market throws up more surprises. I mean only a few weeks ago Article 50 was seen as this highly damaging event that would tip GBPNZD into the doldrums. Since then a deterioration in the price of milk and some jawboning by Reserve Bank of New Zealand Governor Wheeler has seen the Kiwi weaker. A booming property market and a high chance the RBNZ will be forced to cut their interest rate again has all heaped pressure on the Kiwi.
Looking at the data ahead this week the main point to look out for is the rest of the UK’s PMI – Purchasing Manager’s Index data. If you have a transfer you are planning in the future the pound might actually rise a little further in the future but with some big challenges ahead for the UK I would not be getting too complacent. If you are buying Kiwi’s and can get over 1.80 I think is a realistic near-term target to be aiming for.
If you have a transfer involving the Kiwi and wish to be kept up to date with the latest market news which will affect the kind of rate you will receive then please feel free to contact me Jonathan Watson directly to get the latest news and information that will determine the kind of exchange rate you receive. Please contact me Jonathan Watson directly on [email protected] to learn more.