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NZD/GBP Recovery Possible on Sales Figures

Yesterday’s high: NZ$1.8108

Yesterday’s low: NZ$1.7958

Close Election Polls saw Major NZD Losses Yesterday

The New Zealand Dollar was the clear loser on Wednesday, falling by -0.8% against the Pound due to recent NZ general election polls, which showed the defending National Party and opposing Labour Party to be neck-and-neck.

The Pound rose despite widespread concerns about future UK immigration laws, as detailed in a leaked Home Office document. The document suggested that the government was looking to significantly limit the inflow of EU workers into the UK after Brexit, which set alarm bells ringing among a number of UK industry bodies and associations.

NZD Outlook: NZD/GBP Gains Possible

While it traded poorly yesterday, the New Zealand Dollar could recover lost ground against the Pound both today and tomorrow. In the first instance, tonight will see NZ manufacturing sales announced. Estimates are for a 1.5% rise in sales, which might trigger a slight New Zealand Dollar recovery.

UK economic news may also facilitate a higher NZD/GBP exchange rate. Friday’s UK trade balance is tipped to show an expansion of the current deficit, which may push the Pound lower.

Key Events

7th September

23:45 NZ Manufacturing Sales

8th September

09:30 UK Balance of Trade

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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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