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Pound Hits 2-Week High Versus Kiwi, as RBNZ Says Lower Kiwi is "Good"

Market CommentaryPound Hits 2-Week High Versus Kiwi, as RBNZ Says Lower Kiwi is "Good"
Pound Hits 2-Week High Versus Kiwi, as RBNZ Says Lower Kiwi is "Good"
Image credit: Nimalan Tharmalingham.

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

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

Sterling jumps versus the kiwi! The pound to New Zealand dollar interbank exchange rate has hit 1.9646 today, its highest in 2 weeks, or since April 27th.

The pound has strengthened against the NZ dollar, because new Reserve Bank of New Zealand governor Adrian Orr has said that a weaker New Zealand dollar is "good".

The kiwi has lost out, because speaking to news agency Reuters last Friday 11th, Mr. Orr said that a weaker currency is a "good thing for a trading nation."

Also, Mr. Orr added that financial markets "seemed finally to listen" to the RBNZ's message that interest rates will stay low for an extended period, thus weighing on the New Zealand dollar too.

This has dragged down the NZ dollar, first because the Reserve Bank's governor's comments suggest that he's happy for the kiwi dollar to fall, to make New Zealand exports cheaper.

This has also hurt the kiwi dollar, because Mr. Orr's remarks tell us that New Zealand's central bank will hold interest rates at just 1.75% well into the future!

NZ dollar slides, as New Zealand services sector eases

Furthermore, the pound to New Zealand dollar interbank exchange rate has also hit this 2-week high, because New Zealand's services sector eased in April, say new statistics.

The kiwi dollar has sunk, because the NZ services sector fell to 55.9 in April, said Business New Zealand (BNZ) on Sunday 13th, well below March's higher figure of 58.6.

This has dragged down the NZ dollar, because even though this figure was above the 50.0 that signals growth, it's a "big fall in April", according to BNZ senior economist Craig Ebert.

"Momentum in the services sector has petered," added Mr. Ebert, while noting that "wage inflation has yet to become obvious" in NZ services, thereby weighing on the kiwi dollar too.

This has weakened the New Zealand dollar, because services account for 66% of the kiwi economy. Hence, when services slow, New Zealand's GDP growth could decelerate too.

As a result, sterling has reached this 2-week high versus the NZ dollar today, and may rise 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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