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.
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