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GBP/NZD within Touching Distance of Four-Month-High

Yesterday’s high: NZ$1.8692

Yesterday’s low: NZ$1.8628

Political Uncertainty Keeps Pressure on New Zealand Dollar

Despite the Pound rally running out of steam due to some mixed UK ecostats on Tuesday, Wednesday saw GBP/NZD brush its best levels since May.

Due to political uncertainty in New Zealand and a lack of supportive data, the Pound has been able to capitalise on a weak ‘Kiwi’.

Since the New Zealand general election last month, NZD has been struggling in the face of uncertainty about what kind of coalition government will be formed and how parties such as NZ First or Labour could affect national fiscal policy.

NZD Outlook: New Zealand Inflation Rate Ahead

More notable data from New Zealand is due to be published in the coming days, starting with September’s NZ business PMI on Friday, followed by New Zealand’s Q2 inflation rate results on Tuesday next week.

Next Tuesday will also see the latest Global Dairy Trade (GDT) auction. If prices of New Zealand’s most lucrative commodity improve, this could help boost New Zealand Dollar demand.

The Pound is unlikely to be influenced by data until next week’s UK inflation report comes in, but Sterling could still be affected by UK political developments.

Key Events

13th October

NZ Business PMI

17th October

NZ Inflation Rate

09:30 UK Inflation Rate

NZ Global Dairy Trade Price Index

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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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