The Pound Sterling (GBP) has risen to 0.4% against the New Zealand Dollar (GBP/NZD) today, mainly due to the latter declining across the board.
UK Mortgage Approvals Due On Monday, New Zealand Building Permits Out Before Then
The Pound Sterling (GBP) is likely to be moved on Monday by the release of the UK Mortgage Approval figures for October, while the New Zealand Dollar (NZD) will likely be impacted by Sunday’s monthly October Building Permits results.
Earlier…
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate has declined by a small amount today, mainly on account of the Pound (GBP) being damaged due to a close scrutiny of yesterday’s Autumn Statement.
GBP/NZD Exchange Rate News: Former Elation among Sterling Investors Fades away Today
The Pound Sterling (GBP) has risen and fallen in about equal measure against many of its currency rivals today, mainly because with no UK domestic data to speak of, investors have instead been forced to closely observe the plans laid out by Chancellor George Osborne when he delivered the Autumn Statement yesterday.
The immediate reaction was positive, as Osborne appeared to have pulled a financial rabbit out of his hat and scraped together a £27bn improvement in the UK’s public finances. In addition, the deeply unpopular tax credit cuts proposal was also scrapped for next year. The sting in the tail, however, is that economists have already been casting doubt on Osborne’s ambitions and that the slack will be taken up with weighty cuts to Transport, Energy and Environment spending.
The Pound Sterling has fallen by -0.2% against the Australian Dollar (GBP/AUD) and New Zealand Dollar (GBP/NZD) today, in addition to declining by -0.4% against the Israeli New Shekel (GBP/ILS) and the Japanese Yen (GBP/JPY). Gains have been by 0.4% against the Turkish Lira (GBP/TRY) and 0.5% against the South African Rand (GBP/ZAR).
‘Kiwi’ (NZD) Trends Narrowly as Price of Milk Remains Historically Low
The New Zealand Dollar (NZD) has trended narrowly overall today. The ‘Kiwi’ has been detrimentally affected by a lack of economic data and an only marginal improvement in the price of milk over a two-day period. The price has failed to offer support to the ‘Kiwi’ in over a week.
The New Zealand Dollar has risen by 0.2% against the Pound Sterling (NZD/GBP) and 0.4% against the Australian Dollar (NZD/AUD) today, but has elsewhere made little positive or negative movement against the rest of the competition.
GBP/NZD Exchange Rate Forecast: UK GDP Figures due Tomorrow ahead of Weekend NZ Building Permits
The UK will have the largest contribution to the GBP/NZD exchange rate in the future by a considerable margin, as the next piece of ‘Kiwi’ (NZD) data isn’t due until Sunday. The Pound (GBP) will be affected by the release of the Q3 GDP results tomorrow morning, which at the time of writing were forecast to repeat their previous printings of 2.3% on the year and 0.5% on the quarter.
New Zealand’s contribution to the exchange rate will come in the form of the October Building Permits result, which has no predictions assigned to it; the prior result was a decline of -5.7%.
Current GBP, NZD Exchange Rates
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate was trending in the region of 2.2961 and the New Zealand Dollar to Pound Sterling (NZD/GBP) exchange rate was trending in the region of 0.4358 today.
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