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Kiwi Hits 20-Week High Versus Pound, as Global Risk Sentiment Rises

Market CommentaryKiwi Hits 20-Week High Versus Pound, as Global Risk Sentiment Rises
Kiwi Hits 20-Week High Versus Pound, as Global Risk Sentiment Rises
Image credit: Sam Savine.

Welcome to Pure FX's latest update of the New Zealand dollar to pound interbank exchange rate.

This tells you when it's an excellent time to exchange New Zealand dollars to pounds, for your money transfer!

The kiwi jumps versus sterling! The New Zealand dollar to pound interbank exchange rate has hit its highest in 20 weeks today, or since January 15th, at 0.5287.

The NZ dollar has strengthened, because global risk sentiment has risen, thus encouraging money managers to put money in commodity currencies like the kiwi dollar.

The New Zealand dollar has climbed, in particular because Italy has formed a new government. This contributes to the Eurozone's stability, and lifts global risk sentiment.

The kiwi dollar has also risen, as the USA created a bumper +233,000 new jobs in May. This tells us that America's economy is going full-steam ahead, and boosts sentiment too.

The NZ dollar has jumped too, because the USA and North Korea look set to hold their summit, to discuss denuclearising the Korean peninsula. This has also aided risk sentiment.

"Against the positive macroeconomic backdrop, risk sentiment is positive," says BNZ strategist Jason Wong, thus lifting up the New Zealand dollar too!

Pound weakens, as UK government plans hard Brexit

What's more, the New Zealand dollar to pound interbank exchange rate has also risen, because it looks like the UK government prefers a hard Brexit, say new reports.

Sterling has weakened, in particular because the UK government is giving Parliament just 1 day to discuss 15 amendments and 200 concessions to the government's Brexit plans.

This has dragged down the pound, because this suggests that Theresa May's government wants to pursue a hard Brexit, with few amendments from other parties or the Lords.

In turn, this has weighed on sterling, because when the UK government pursues a hard Brexit, this eases the UK's ties with Europe after Brexit, which may slow UK GDP growth.

In addition, the pound has also lost out, as UK prime minister Theresa May has delayed publishing a government paper on the UK's plans for the future relationship with Europe too.

As a result, the New Zealand dollar has reached this 20-week high against the pound, and may climb higher!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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