The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate has risen today along with a number of other pairings; the Pound has accomplished this feat despite having no major domestic data to drive it today.
GBP/NZD Exchange Rate News: UK Political Development provides Support for the Pound Today
The Pound Sterling (GBP) has risen by 0.5% against the New Zealand Dollar (GBP/NZD) today; this has been just one of several strong showings by the Pound against its rivals. Other gains have been by 0.5% against the Australian Dollar (GBP/AUD) and the Turkish Lira (AUD/TRY) and 0.7% against the South African Rand (GBP/ZAR). The Pound’s greatest loss has been by -0.5% against the Russian Ruble (GBP/RUB).
With no major UK releases out today, the Pound has instead been moved to its current strong position by the news that the European Referendum negotiations initiated by the UK government have taken a big step forward today. Following pressure from EU leaders, Prime Minister David Cameron has advanced proceedings by writing a ‘wish-list’ of reforms to take place for the UK which will be sent to European Council President Donald Tusk. The move comes after months of middling progress and indecision on the apparent part of the UK negotiators.
‘Kiwi’ struggles in NZD/GBP Exchange Rate Today as Strengthening US Dollar puts Pressure on NZ Dollar
The New Zealand Dollar (NZD) has been on a major downtrend today, falling by -0.5% against the Pound Sterling (NZD/GBP) and -0.6% against the US Dollar (NZD/USD) and the Euro (NZD/EUR), among others.
This poor performance has been due to uptrend seen by the US Dollar (USD) after yesterday’s CPIs for September came out mostly in favour of the ‘Buck’. In domestic news, the ‘Kiwi’ failed to gain in spite of the New Zealand Q3 Inflation Rate coming in at 0.4% on the year rather than the 0.3% anticipated.
GBP/NZD Exchange Rate Forecast: Spending and Borrowing Results to Move the Pairing Next Week
The UK and New Zealand have an about-even spread of results due next week, although the ‘Kiwi’ (NZD) will strike the first blow due to a release taking place on Sunday, before the week begins proper. This is the Performance Services Index for September, which has no prediction assigned but is a vital ecostat given the importance of sector-contributors such as tourism to the New Zealand economy.
Following on from this on Monday will be the UK Rightmove House Prices for October, although the biggest UK postings are actually likely to be Wednesday’s spending and borrowing results and Thursday’s Retail Sales figures.
The other major ‘Kiwi’ releases will be the monthly and yearly Credit Card Spending results, which are out on Wednesday.
Current GBP, NZD Exchange Rates
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate was trending in the region of 2.2736 and the New Zealand Dollar to Pound Sterling (NZD/GBP) exchange rate was trending in the region of 0.4400 today.
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