Pound to New Zealand Dollar rates of exchange recover despite strong trade data for the New Zealand economy, so anyone with a buying New Zealand Dollar requirement have seen marginal gains to begin the day.
The explanation for this cannot be found on the Sterling side of the pairing. The Pound was beginning to recover yesterday afternoon as global markets calmed from the initial anxiety emanating from the horrific events in Manchester on Monday night. However, with the threat level now escalated to ‘critical’ suggesting another attack could be imminent since this morning, this continued gain for GBP/NZD arguably is accounted for elsewhere.
Overnight China’s credit rating was downgraded following concerns about future economic growth. Whilst China said that Moody’s, the agency in the US who implemented the downgrade said they were overreacting and not taking into account recent reform measures, clearly markets were not agreeing.
Due to China’s presence as the dominant consumer in the region of Australian and New Zealand goods, such a move is a point of concern.
Later on today we are expecting some more positive news out from the New Zealand economy with their latest budget. Given that this is an election year, you can count on some very positive spins which may be enough to jump-start interest in the Dollar and reverse some of today’s losses.
As such anyone with a very short-term requirement to buy New Zealand Dollars may be wise to contact me on 01494 787 478 and ask to be put through to Joshua to discuss a live price for your transfer and avoid being ‘last to the party’.
I have never had an issue beating the rates of exchange on offer elsewhere, so a short conversation could save you a healthy sum on your next transfer.
Anyone with a slightly longer term transfer can also contact me on [email protected] to discuss a strategy for your transfer in the run up to the election aimed at maximising your currency return.