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Kiwi Nears 1-Week High Versus Pound, as Germany Rejects Brexit Plans

Market CommentaryKiwi Nears 1-Week High Versus Pound, as Germany Rejects Brexit Plans
Kiwi Nears 1-Week High Versus Pound, as Germany Rejects Brexit Plans
Image credit: Andy Culpin.

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

This tells you when it's an outstanding 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 0.5150 today, close to its highest in 1 week, or since June 29th.

The New Zealand dollar has risen against the pound, because German chancellor Angela Merkel's government has reportedly rejected UK prime minister Theresa May's Brexit plans.

Sterling has lost out, because reports emerged yesterday that Mrs. Merkel's government has turned down Mrs. May's plans for a Customs Union for goods, once the UK exits the EU.

What's more, the pound has also weakened, as it's been reported that UK Brexit secretary David Davis has also rejected Mrs. May's proposals, calling them "unworkable."

This has dragged down sterling, first because Mr. Davis's rejection raises the risk that prime minister May may be challenged for her leadership, thus further complicating Brexit.

This has also weighed on the pound, because German chancellor Merkel's refusal lifts the odds that the UK may leave the EU with "no deal", when Brexit happens in March next year!

Kiwi Strengthens, as US Fed Highlights Trade War Risks

Moreover, the New Zealand dollar has also risen against the pound, because the US Federal Reserve has highlighted the risks of a trade war, in its meeting minutes released yesterday.

The kiwi has strengthened, because the US Fed said on Thursday that "uncertainty and risks associated with trade policy had intensified and… could eventually have negative effects."

This has boosted the NZ dollar, because the Fed's minutes suggest that they're concerned that a trade war may slow America's GDP growth. In turn, the Fed may keep interest rates lower.

This has lifted up the New Zealand dollar, as when the US Fed keeps interest rates lower, this limits the growing difference in interest rates between the USA and New Zealand.

Furthermore, the kiwi has also jumped, as New Zealand will weather US President Trump's trade war, according to a new Reuters poll of 55 economics analysts, released this week.

Given all this, the NZ dollar has neared this 1-week high against the pound, and could fly 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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