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GBP/NZD Weakened as Rift Grows in Conservative Party

Yesterday’s high: NZ$1.8514

Yesterday’s low: NZ$1.8381

Sterling Slides as Political Uncertainty Grows

The Pound fell to a new weekly low against the New Zealand Dollar on Thursday as markets became increasingly concerned by reports suggesting that Theresa May could soon be ousted as PM.

This followed her speech at the Tory party conference on Wednesday, which appears to have failed to resonate with MPs and led to some, such as former Culture Minister Ed Vaizey, suggesting that she should resign.

Meanwhile, the New Zealand Dollar’s advance was slowed slightly yesterday by New Zealand’s own political uncertainty as voters are still no clearer over who will form a new government two weeks after they went to the polls.

NZD Outlook: New Zealand Dollar to Be Pressured by US Data?

The New Zealand Dollar may slide later this afternoon with the release of the latest US employment data, with a rise in non-farm payrolls likely to weaken the ‘Kiwi’ as investors flock to the US Dollar.

Meanwhile, a lack of domestic data is likely to leave the Pound exposed to further political uncertainty today, with Sterling sentiment likely to tumble if rumours continue to suggest that the PM may face a leadership challenge in the near future.

Key Events

10th October

09:30 UK Services PMI Sep

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Joe Mayhew

Senior Currency Broker
T: 01442 892 060

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