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Pound Hits 1-Week High Versus Kiwi, as Canada Arrests Huawei Exec

Market CommentaryPound Hits 1-Week High Versus Kiwi, as Canada Arrests Huawei Exec
Pound Hits 1-Week High Versus Kiwi, as Canada Arrests Huawei Exec
Image credit: Melodi2.

Welcome to Pure FX's latest update of the pound to New Zealand dollar exchange rate. This tells you when it may be the best time to exchange pounds to New Zealand dollars, for your money transfer!

Sterling strengthens versus the kiwi! The pound to New Zealand dollar exchange rate has hit 1.8613 today, its highest in 1 week, or since November 30th.

By contrast, back on this Tuesday December 4th, sterling was as low as 1.8287 versus the kiwi dollar, so it's since risen by +1.78%, or +3.25 cents!

Were you to transfer £250,000 to New Zealand at this exchange rate, you'd get NZ$465,325, or +NZ$8,150 more than on December 4th.

Given this, if you're a Brit emigrating to New Zealand, to buy a property in Wellington or Auckland, it may be a top time to exchange GBP for NZD!

Kiwi Falls, as Canada Arrests Huawei Executive

The pound has hit this 1-week high versus the New Zealand dollar, because Canada has arrested a senior executive of Chinese mobile maker Huawei.

To be specific, last Saturday December 1st, Huawei's chief financial officer Wanzhou Meng was detained on Vancouver, accused of breaking US sanctions on Iran and bank fraud. Ms. Meng will now be extradited to the USA.

This will likely inflame trade tensions between the USA and China, with just 90 days to reach a trade deal.

This has dragged down the NZ dollar, because both the USA and China are close kiwi trade partners!

NZ Dollar Weakens, as Kiwi Rural Confidence Falls

What's more, sterling has also risen versus the kiwi, because confidence in New Zealand's agricultural sector has fallen, says a new closely-watched survey.

According to Rabobank's quarterly Rural Confidence Survey, New Zealand rural confidence fell to -15% for October to December, far below July to September's result of -3%.

In particular, fewer NZ farmers expect agricultural economic conditions to improve in the coming 12 months.

New Zealand's agriculture contributes a lot to the economy, so this may slow NZ economic growth in coming months, and the kiwi dollar!

New Zealand Dollar Loses Out, as Fonterra Cuts Farmer Payout

Moreover, the pound to New Zealand dollar exchange rate has reached this 1-week high, because enormous New Zealand milk co-operative Fonterra has cut its forecast payout for 2018/19.

Fonterra now thinks that it will pay New Zealand farmers between NZ$9 billion to NZ$9.8bn for their dairy, below the NZ$9.69bn to NZ$10.08bn previously predicted. This is because there's a strong global supply of dairy, driving down prices.

This has weakened the NZ dollar, because New Zealand's economy may decelerate, when kiwi farmers are paid less for their dairy products!

Get A Free Pound to New Zealand Dollar Exchange Rate Quote

Get a free pound to New Zealand dollar exchange rate quote to get a highly competitive exchange rate, and find out how much you could save with Pure FX.

You’ll get a highly competitive pound to New Zealand dollar exchange rate for your money transfer!

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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