Rates for GBP NZD have pushed higher this morning hitting a high of 1.9603 for the GBP NZD pair. There is currently an excellent opportunity for buying New Zealand dollars with pounds although whether the pound can push higher is less clear. A move towards 2 dollars is starting to look considerably more likely and there appears to be support for sterling on a brighter economic outlook.
The New Zealand dollar also faces a period of uncertainty as the implications of Donald Trump’s international policies on trade are still yet ot be fully realised. Regardless the trade tariffs that have been imposed by both the US and China have had a negative impact on the commodity currencies which include the Australian, Canadian and New Zealand dollars. There is plenty of news which is influencing the GBP NZD pair which is creating volatitliy and hence opportunities for those clients looking to buy New Zealand dollars.
The second round of Brexit negotiations were concluded last month and focus now moves to the final round which covers the future trading relationship between Britain and the EU.
Brexit and politics remain the big drivers for sterling exchange rates at present and there is likely to be considerable volatility for the pound in these coming weeks.
There is pressure on Theresa May to stay in the Customs Union with the EU and the House of Lords voted last week in favour of doing so. The government’s position regardless in that Britain will not seek to remain in the Customs Union but that will not stop elected politicians from voting down the expected bill next month. There are still likely to be some Brexit twists and turns yet and of course these developments will have a direct impact on the future relationship for the UK and EU and also the pound.
For more information on buying or selling New Zealand dollars then please get in touch with me James at [email protected]