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GBP/NZD Nosedives as Major US Banks Issue Brexit Warning

Yesterday’s high: NZ$1.9093

Yesterday’s low: NZ$1.8864

Pound Weakened as Banks Prepare to Move Staff out of London

Sterling fell sharply against the New Zealand Dollar on Wednesday as investors reacted to a report that many major US financial institutions had meet with US commerce secretary Wilbur Ross last week to warn the slow progress of Brexit may force them to begin moving thousands of jobs out of London.

However the ‘Kiwi’ was forced to relinquish some of its gains overnight as the Reserve Bank of New Zealand (RBNZ) held its latest rate decision, with the bank indicating that due to the ‘uncertainties’ of the new government, the rate would likely remain on hold for the foreseeable future.

NZD Outlook: Brexit Talks Back in the Spotlight

Looking ahead, the GBP NZD exchange rate may find some upwards momentum during today’s session as Brexit talks get underway once again, with both sides having been recently quoted as seeking to accelerate the pace of talks.

Meanwhile a lull in domestic data until Thursday may leave the New Zealand Dollar a little directionless over the coming week, possibly leaving it exposed to external influences.

Key Events

10th November

09:30 UK Trade Balance Sep

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To keep up to date with the New Zealand Dollar, visit the NZD blog in our Currency News section.

Joe Mayhew

Senior Currency Broker
T: 01442 892 060

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