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GBP/NZD Trading Lower after RBNZ News

Yesterday’s high: NZ$1.9767

Yesterday’s low: NZ$1.9377

New Zealand Dollar Soars as the RBNZ gets a New Governor

Brexit news kept the Pound to New Zealand Dollar exchange rate on its toes last week, while an absence of influential data for New Zealand meant that the South Pacific currency was mostly reacting to global economic developments and risk sentiment.

The New Zealand Dollar was able to surge on Monday in reaction to the news that Adrian Orr had been appointed as the new Reserve Bank of New Zealand (RBNZ) Governor.

Orr is widely considered to be a ‘safe pair of hands’ and well suited to cooperating with the new Labour-NZ First government.

NZD Outlook: All Eyes on Brussels for EU Council Summit

Given the sheer volume of UK news this week, the Pound is likely to be the driving force behind GBP/NZD movement.

While UK inflation and employment figures will be in focus, Sterling volatility is more likely to result from the upcoming Bank of England (BoE) interest rate decision and the EU summit in Brussels.

If EU officials believe enough progress has been made for the UK to move on to trade talks, Sterling could climb.

Looking to New Zealand; the only notable data release will be Thursday’s business manufacturing activity reading.

Experts predict a slight decline in activity in November, a result which could prove NZD-negative.

Key Events

12th December

09:30 UK Inflation Rate

13th December

09:30 UK Average Earnings

14th December

12:00 UK Bank of England (BoE) Interest Rate Decision

21:30 NZ Business Manufacturing PMI

EU Summit on Brexit Begins

15th December

EU Summit Findings on Brexit Progress

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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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