The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate strengthened by around 0.11% on Friday. This can be attributed to traders locking in profits from attractive selling positions amid a surging New Zealand Dollar. The Pound, meanwhile, is subject to changes in foreign currency movement due to a lack of domestic data.
The Pound Sterling to New Zealand Dollar exchange rate is currently trending in the region of 2.0171.
Yesterday…
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate is holding steady, although most economists predict little change when Bank of England (BoE) policy makers gather to discuss its policy outlook. This can be attributed to mixed results from British data and little by way of data pertaining to New Zealand.
The Pound Sterling to New Zealand Dollar exchange rate is currently trending in the region of 2.0233.
Sterling (GBP) Static Ahead of BoE Rate Decision.
Later on Thursday, the BoE Monetary Policy Committee (MPC) will convene to decide on the most prudent course of action to ensure continued economic growth. Most economists agree that there will be no significant alterations made. With Chancellor of the Exchequer George Osborne inclined to leave the job of economic rejuvenation to the MPC, however, there will be pressure to take action sooner-rather-than-later.
‘The UK is still only half way down the road to achieving sustainable public finances and the fiscal squeeze will intensify again,’ said Samuel Tombs, an economist at Capital Economics Ltd. in London. ‘The burden will remain squarely on the shoulders of the MPC to mitigate the impact.’
A mixed-bag of domestic data results has also contributed to the Pound’s stuttered movement. The Halifax House Price report showed an 8.2% annual increase in values in November, down from the previous score of 8.8% but beating market prediction of 8.0%. Seasonally adjusted House Prices eclipsed the median market forecast of a rise from -0.4% to 0.3%, with the actual result reaching 0.4%. In addition, New Car Registrations declined from 14.2% to 8.0%.
The Pound Sterling to New Zealand Dollar exchange rate has dropped to a low today of 2.0200.
‘Kiwi’ (NZD) Edges Lower on House Prices.
An absence of domestic data on Thursday will see the New Zealand Dollar subject to movement in the foreign currency market. However, a slight downtick can be attributed to Wednesday’s domestic House Price data, which showed a decline from 5.9% to 5.1%.
Pound Sterling to New Zealand Dollar (GBP/NZD) Exchange Rate Forecast to Fluctuate
If the BoE acts in accordance with expectations and leaves monetary policy untouched, the Pound is likely to trend in a narrow range. However, if the European Central Bank resort to using unconventional measures, the lower valued Euro could have a positive impact on trade forecasts and the Pound will gain as a result.
The Pound Sterling to New Zealand Dollar exchange rate has reached a high today of 2.0286.
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,0.7753,
New Zealand Dollar,,Euro,0.6294,
New Zealand Dollar,,Pound,0.4943,
New Zealand Dollar,,Australian Dollar,0.9255,
US Dollar,,New Zealand Dollar,1.2900,
Euro,,New Zealand Dollar,1.5891,
Pound Sterling,,New Zealand Dollar, 2.0226,
Australian Dollar,,New Zealand Dollar,1.0805,
[/table]
