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.
23:45 NZ Manufacturing Sales
09:30 UK Balance of Trade
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Senior Currency Broker
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