Yesterday’s high: NZ$1.8681
Yesterday’s low: NZ$1.8573
Sterling Strengthened by Growth Forecasts
The Pound continued to push higher against the New Zealand Dollar on Tuesday as the NIESR thinktank predicted that the UK’s economy will have grown 0.4% in the third quarter, up from 0.3% the previous quarter.
However, Sterling’s gains were tempered slightly by the UK’s latest trade figures, with the ONS reporting that Britain’s trade deficit unexpectedly widened in August, with the goods deficit reaching a new record high as the slump in the Pound fails to provide the expected boost to exports.
Meanwhile, the ‘Kiwi’ remained subdued yesterday as the country still appears to be no closer to the formation of a new government, despite elections having been held over two weeks ago.
NZD Outlook: NZD Struggles to Continue
The New Zealand Dollar is likely to continue to struggle in today’s session as a lack of domestic data leaves the Kiwi open to further political uncertainty as the two top parties attempt to woo the NZ First party, who find themselves the kingmakers despite coming a distant third.
Meanwhile, with the fifth round of Brexit talks currently underway, sentiment in the Pound will likely be driven by any hint at progress in negotiating the UK’s exit from the EU.
02:00 NZ Consumer Confidence Oct
14:00 UK BOE Haldane Speech
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