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New Zealand Dollar Benefits from NZ Finance Minister Comments

Last week’s high: NZ$1.9580

Last week’s low: NZ$1.8975

GBP/NZD Plunges on Renewed Brexit Anxiety

The Pound to New Zealand Dollar exchange rate spent most of last week tumbling, as UK data failed to boost Sterling demand while the ‘Kiwi’ benefitted from higher risk-sentiment and domestic news.

While the latest UK ecostats were relatively impressive, Brexit concerns took focus once again towards the end of the week when it was confirmed that Britain had indeed unlocked the second phase of Brexit negotiations – but they would not take place until March.

The Pound became highly unappealing as investors are anxious about the likelihood of further negotiation deadlocks in the final year of talks before the Brexit is due to take place.

The New Zealand Dollar, on the other hand, rebounded from its recent lows last week. The appointment of Adrian Orr as the Reserve Bank of New Zealand’s (RBNZ) next Governor, NZ Finance Minister Grant Robertson’s comfort with the trend of the currency, and market demand for risk-correlated currencies, all made the ‘Kiwi’ more appealing.

NZD Outlook: Key Week Ahead for NZ Data

Brexit news and upcoming UK growth data could influence Pound trade in the coming week, but it could be another busy one for New Zealand Dollar trade instead.

While Britain’s economic calendar will be relatively quiet for most of the week, multiple important New Zealand datasets will be published.

Consumer confidence stats will be published by the ANZ and Westpac, and ANZ will also publish a business confidence survey.

Among the week’s more influential stats will be New Zealand’s November trade balance report, due during Wednesday’s Asian session, and the Q3 New Zealand growth rate during Thursday’s Asian session.

Key Events

18th December

NZ Services PSI

04:00 NZ ANZ Roy Morgan Consumer Confidence

11:00 UK CBI Industrial Trends Orders

19th December

NZ Westpac Consumer Confidence

NZ Global Dairy Trade Price Index

00:00 NZ ANZ Business Confidence

20th December

NZ Balance of Trade

21st December

NZ Growth Rate

09:30 UK Public Sector Net Borrowing

22nd December

09:30 UK Growth Rate

09:30 UK Business Investment

 

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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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