The Pound Sterling to New Zealand Dollar exchange rate declined by around -0.50% on Thursday as a result of poor British data and Bank of England policymakers’ failure to act. Meanwhile, an absence of data pertaining to New Zealand has seen the South Pacific Asset bolstered by foreign economic inadequacies.
The Pound Sterling to New Zealand Dollar exchange rate is currently trending in the region of 2.0587.
Sterling Declines on Disappointing British Data
On a day that has seen a packed economic docket; the Pound has declined on Thursday thanks to a less-than-ideal set of British economic data. An initial decline was triggered by a Halifax House Price report, which showed a drop in prices from 0.4% to -0.4%. Additional loses were racked up after yearly Industrial Production declined from 2.2% to 1.5% and yearly Manufacturing Production cooled from 4.0% to 2.9%.
Dovish BoE sees Further Sterling Declination
In the wake of the Bank of England interest rate decision, the Pound declined against nearly all of its major peers. The policymakers at the BoE opted to hold the benchmark interest rate at 0.5%, a level maintained since 2009. Additional negative sentiment towards the institution is as a result of a lack of action regarding quantitative easing, with policymakers having chosen to maintain the £375 billion QE stimulus package.
The Pound Sterling to New Zealand Dollar exchange rate has dropped to a low today of 2.0556.
‘Kiwi’ (NZD) Bolstered by Foreign Currency Movement
A complete absence of data pertaining to New Zealand on Thursday hasn’t halted the ‘Kiwi’ uptrend. With several major currencies declining as a result of poor data and negative sentiment, the New Zealand Dollar has advanced against the majority of its most traded currency competitors.
Pound to New Zealand Dollar Exchange Rate Forecast to Decline
As negative sentiment towards the Bank of England mounts, it is unlikely that the GBP/NZD exchange rate will recover losses on Thursday. However, with the British Gross Domestic Product Estimate meeting with expectations of 0.7%, the Pound may gain a little against risk-correlated currencies.
The Pound Sterling to New Zealand Dollar exchange rate has advanced to a high today of 2.0813.
GBP/NZD Edges Lower ahead of Carney Speech
The Pound Sterling to New Zealand Dollar exchange rate is currently trending in the region of 2.0577.
With British Trade Balance data having been forecast to show declination, the Pound has gradually softened on Friday. In addition, traders await Bank of England Governor Mark Carney’s speech later on Friday morning. Any hint of dovish overtones will likely compound negative sentiment towards the institution, and Sterling will plummet against its major peers.
An absence of economic data pertaining to New Zealand a rising US Dollar and cautious trading will likely see the ‘Kiwi’ soften over the course of Friday.
New Zealand Dollar (NZD) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
New Zealand Dollar,
,US Dollar,0.7716,
New Zealand Dollar,,Euro,0.6216,
New Zealand Dollar,,Pound,0.4864,
New Zealand Dollar,,Australian Dollar,0.8991,
US Dollar,,New Zealand Dollar,1.2962,
Euro,,New Zealand Dollar,1.6088,
Pound Sterling,,New Zealand Dollar, 2.0559,
Australian Dollar,,New Zealand Dollar,1.1122,
[/table]
