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GBP/NZD Outlook: Losses Possible on Wider Trade Deficit

Friday’s high: NZ$1.8475

Friday’s low: NZ$1.8372

GBP/NZD Recap: Losses Seen after May’s Mishap

The GBP/NZD spent last week sliding. Slowing UK manufacturing activity and a contraction in construction weighed on Sterling, and the British currency came in for further losses in response to Prime Minister Theresa May’s speech on Wednesday, which proved polarising. The PM was ambushed by a comedian and struggled with a chronic cough throughout the speech; some MPs were so disillusioned that they openly spoke of finding a new leader.

NZD mainly appreciated because of Pound weakness, as NZ news showed declining dairy prices and a disappointing business confidence result.

NZD Outlook: Pound could Slide on Trade Balance Stats

This week’s UK data will mainly be consigned to Tuesday, with trade and production figures due then.

The trade deficit is tipped to have widened in August, while economists predict falling monthly manufacturing. On the plus side, both industrial production and construction output figures are tipped to rise.

There isn’t much NZ data out this week other than medium-impact confidence and business activity stats on Thursday.

Key Events

10th October

09:30 UK Balance of Trade

09:30 UK Manufacturing Production

09:30 UK Industrial Production

09:30 UK Construction Output

12th October

02:00 NZ ANZ Roy Morgan Consumer Confidence

10:30 NZ Business NZ PMI

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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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