NZD loses groun

Best time to buy Pounds with Canadian Dollars in 2 months

NZD dips in value despite favourable consumer confidence an migration figures

There has been a recent rise in consumer confidence and also migration data. Despite this the kiwi has fallen in value against the majority of major currencies. GBP/NZD sits at a nearly five month high, currently at 1.97.

Credit card spending rose to 7.2%for March, but the more important release was migration figures. New Zealand is heavily reliant on tourism, it accounts for just below 400k jobs and 20.7% of New Zealand’s foreign exchange earnings.Tuesdays figures showed there was an increase of forty-five thousand visitors in March.

It seems despite high levels of interest the NZD is not the currency of choice for investors. The USD is looking far more attractive with the promise of the same returns in what is deemed to be a safer currency. There is also the high probability of further hikes from the Federal Reserve this year.This is hurting the kiwi.

I believe that despite the lack of clarity surrounding Brexit and the fragility of the pound we could see further gains for Sterling against the New Zealand Dollar. If I was an NZD seller I would be taking advantage of current levels.

If you have a currency requirement I would be happy to assist. If you wish to maximise your return it is important to be in touch with an experienced broker. If you let me know the details of your trade I will endeavour to produce a trading strategy to suit your needs. If you have a currency provider in place I am willing to perform a live comparison and I am confident I will be able to demonstrate a considerable saving. It will only take  a couple of minutes and could be well worth your while.

You can trade in safety knowing your trading with Foreign Currency Direct PLC, a company  trading for over 16 years. Our accounts are published online at companies house and we are FCA registered.

If you would like my help I can be contacted at [email protected]. I look forward to hearing from you.