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Volatility for GBP/NZD with Markets Unsettled by UK Political Uncertainty

Yesterday’s high: NZ$1.8894

Yesterday’s low: NZ$1.8782

Sterling Sentiment Slips as Political Instability Raises Brexit Concerns

Sterling registered further losses against the New Zealand Dollar yesterday morning as markets feared that the recent political scandals that claimed two of Theresa May’s cabinet would weaken the UK’s position in Brexit negotiations, which resumed on Thursday.

Investors were particularly unsettled by suggestion that the EU has so little confidence in May that they are preparing for the possibility that she may not be PM by the end of the year.

However, the pairing rallied by the afternoon, recouping the majority of its early losses as the ‘Kiwi’ was pressured by a resurgent US Dollar.

NZD Outlook: Pound to Rally on Trade Data?

The Pound may continue to recover later this morning as the UK publishes its latest Trade Balance figures, with economists forecasting that the British trade deficit will have narrowed in September.

Meanwhile, a lull in domestic data until the second half of next week’s session may leave the New Zealand Dollar exposed over the coming days.

Key Events

10th November

09:30 UK Trade Balance Sep

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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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