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GBP/NZD Recovers as New Zealand Election Uncertainty Persists

Yesterday’s high: NZ$1.8181

Yesterday’s low: NZ$1.8080

New Zealand Weakened by Election Jitters

The Pound to New Zealand Dollar exchange rate hit its best levels since the beginning of June yesterday as NZD exchange rates experienced political jitters.

With mere weeks to go until New Zealand’s 2017 general election, the previously one-sided race has suddenly become tight. According to some pollsters, New Zealand’s Labour Party took over the ruling National Party.

The Labour Party’s sudden surge in popularity has worsened market uncertainty about New Zealand’s political outlook, which has weighed on New Zealand Dollar demand.

NZD Outlook: NZ Election Jitters Could Persist until Election Day

New Zealand Dollar trade could remain volatile in the coming weeks, so long as general election polling remains tight and the outcome looks uncertain.

While NZ Prime Minister Bill English has indicated he is not concerned about the rise in popularity of his opposition, investors are anxious about how New Zealand’s political outlook could change.

As the ‘Kiwi’ sees volatile trade, the Pound could be influenced by July trade balance and production data on Friday. Next week’s UK inflation report is also likely to be influential.

Key Events

8th September

NZ Manufacturing Sales

09:30 UK Balance of Trade

09:30 UK Industrial Production and Manufacturing Production

12th September

09:30 UK Inflation Rate

13th September

NZ Food Inflation

09:30 UK Unemployment Rate

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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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