The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate is trending within a narrow range on Wednesday. This is mainly due to extremely quiet trading as we near year-end celebrations. A slight improvement in China’s Manufacturing PMI has made little difference to ‘Kiwi’ (NZD) movement.
The Pound Sterling to New Zealand Dollar exchange rate is currently trending in the region of 1.9869.
Yesterday…
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate declined by around -0.49% on Tuesday.
This can be attributed to the hangover from the People’s Bank of China decision to loosen monetary policy giving continued support to the South Pacific asset. The Pound Sterling, meanwhile, is generally holding steady against the majority of its most traded competitors after domestic data printed in line with median market forecasts.
The Pound Sterling to New Zealand Dollar exchange rate is currently trending in the region of 1.9841.
Pound Sterling (GBP) Exchange Rate Holding Steady on Quiet Trading
The Pound is generally static against most of its major peers on Tuesday thanks to a particularly quiet currency market. Compounding the lack of movement has been domestic data which met with expectations. Yearly Nationwide House Prices met with the market consensus of a drop from 8.5% to 7.2%. On a monthly basis, Nationwide House Prices equalled the median market forecast of a slight decline from 0.3% to 0.2%.
The Pound Sterling to New Zealand Dollar exchange rate has fallen to a low today of 1.9824.
New Zealand Dollar (NZD) Exchange Rate Advances Despite damp Risk Sentiment
Although trader risk sentiment has dampened considerably as the year draws to a close, the risk-correlated ‘Kiwi’ (NZD) advanced against many of its major peers on Tuesday. This is likely to be the result of the hangover from the PBOC decision to loosen monetary policy.
Pound Sterling to New Zealand Dollar (GBP/NZD) Exchange Rate Forecast to Decline
With a complete absence of data to curb the trend, the Pound Sterling to New Zealand Dollar exchange rate is likely to continue trending lower. With that being said, there is the possibility that risk aversion will catch up with the ‘Kiwi’, although quiet trading is unlikely to see any dramatic difference.
The Pound Sterling to New Zealand Dollar exchange rate advanced to a high today of 1.9968.
