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New Zealand Dollar Softens on Manufacturing PMI

Yesterday’s high: NZ$1.9304

Yesterday’s low: NZ$1.9156

GBP/NZD Strikes Two-Week High as UK Retail Sales Rebound

The Pound’s rally against the New Zealand Dollar continued on Thursday as the pairing was lifted by the UK’s latest retail sales figures as sales growth rebounded from -0.6% to 0.1% in October.

Sterling’s gains were also supported by accompanying remarks from ONS economists, who forecast that sale growth would continue to trend higher over the coming months.

The ‘Kiwi’s losses were further extended overnight as New Zealand business PMI showed a slight dip in domestic manufacturing activity in October.

NZD Outlook: Brexit Uncertainty to Weigh on Sterling?

Looking ahead, the lull in economic data until next week could impede further gains for the GBP NZD exchange rate today, with investors likely to turn their attention toward Brexit amidst fears that slow progress in talks could delay the start of trade discussions to the New Year.

Meanwhile the New Zealand Dollar also won’t see any further data until the start of next week’s session, something that could leave it exposed to further pressure if investors continue to shun commodity-correlated currencies.

Key Events

19th November

22:30 NZ Services PMI Oct

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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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