GBPNZD was pushed back above 1.90 yesterday as the pound was dealt some good news over the Brexit. Sterling rose up against the New Zealand dollar on the news that the UK might be getting some kind of special deal with access to the Single Market for the UK. The Kiwi was also slightly weaker as the price of WMP (Whole Milk Powder) was shown to have fallen at the most recent dairy auction.
If you need a transfer buying New Zealand dollars the outlook for sterling is looking slightly better and combined with this better news for NZD buyers there is some scope for higher rates. I think it is likely sterling could rise higher against the Kiwi and if you need to buy New Zealand dollars in the future then making some plans in advance is well worth your while.
It would not be wholly surprising for some unexpected negative news on Brexit to push rates lower which would of course cause problems for New Zealand buyers hopeful of rates rising much higher. Further economic news is in the pipeline with the release of tomorrow’s GDP (Gross Domestic Product) news from the UK.
Personally, if the data is good and sterling rises, I would suggest it is well worth capitalising on any spike. If you can trade at 1.90+ then you are still doing very well compared to the lows of 1.70 and 1.80 that have been on offer since the Brexit vote.
If you have a transfer buying or selling New Zealand dollars for pounds then making plans in advance is vital to maximising your transfer, for more information at no cost or obligation please speak to me Jonathan Watson by emailing [email protected].
Thank you for reading and I look forward to hearing from you.