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New Zealand Dollar vs Pound Rate Hits 2-Week High, on Brexit Doubts

Market CommentaryNew Zealand Dollar vs Pound Rate Hits 2-Week High, on Brexit Doubts
New Zealand Dollar vs Pound Rate Hits 2-Week High, on Brexit Doubts
Image credit: Stux.

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

The New Zealand dollar to pound interbank exchange rate climbs! The kiwi dollar has hit 0.5269 versus sterling today, its strongest in 2 weeks, or since January 16th.

To put this into context, back on January 25th, the NZ dollar against the pound rate was at just 0.5152. So it's since risen by over +1 cent, or +2.27%!

At today's interbank exchange rate, NZ$250,000 in UK pounds would be worth £131,725. This is +£2,925 more than on January 25th!

So if you're a New Zealand citizen thinking of emigrating to the UK, this will help you for when you exchange New Zealand dollars to pounds.

New Zealand Dollar to Pound Rate Hits 2-Week High, as Brexit Fears Grow

The New Zealand dollar versus the pound interbank exchange rate has reached this 2-week high, because there are growing concerns that the UK will crash out of the EU.

This is called a 'No Deal' Brexit, on the deadline of March 29th, in less than 2 months.

These concerns are rising, because this week UK prime minister Theresa May won approval in Parliament to return to Brussels, to renegotiate her draft Brexit.

The thing is though, there's little appetite among EU leaders to open up the planned Brexit agreement. So the UK could crash out with a 'No Deal'! This has hurt sterling.

NZD vs GBP Reaches 2-Week High, as UK Shopper Confidence Falls

What's more, the New Zealand dollar to pound rate has also touched this 2-week high, because UK consumer confidence has fallen, says a trusted new survey.

According to GFK's monthly poll of British consumer attitudes, optimism fell to -14 in January. This is the joint-lowest since July 2013.

What's more, Britons' expectations for the UK economy in the next 12 months have fallen to their weakest since December 2011.

"The next few months promise to be turbulent," says client strategy director at GfK, Joe Staton. So this has boosted the New Zealand dollar versus the pound rate!

NZ Dollar Rises Against Pound, as UK Households Borrow Less

Moreover, the New Zealand dollar to pound interbank exchange rate has also climbed, because UK households borrowed far less in December, it's been revealed.

British households took out just £700 million in loans in December, according to the Bank of England's monthly borrowing survey. This is well below the £1 billion figure of the last 6 months.

In addition, consumer borrowing growth reached just +6.6% in December year-on-year. This is the slowest annual rate since 2014.

This suggests that Brits feel uncertain about the financial outlook, lifting the New Zealand dollar versus sterling!

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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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