Pound/New Zealand Dollar
GBP/NZD rates have fallen significantly this month. Only a week or so ago rates were up at nearly $2.20 Kiwi Dollars to the Pound, however it now sits at $2.03. Part of the reason for the fall is Sterling weakening due to the EU referendum, which I’ve been discussing in detail in recent weeks. The pair fell further last night however, when their central bank decided to hold interest rates. The RBNZ had been widely expected to cut interest rates. Because they chose not to do so, the NZD has gained significant strength, and as you can see from the chart below, the GBP/NZD fell:
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Sterling is still on the back foot, and the real possibility of a Brexit means the Pound is struggling, and will likely to continue to do so. Pound/Euro has remained pretty range-bound around the €1.27/€1.28 mark for the last few days. Better than expected manufacturing data yesterday was pretty much ignored by the markets, and as my regular readers will know, the EU referendum has been driving rates.
Nothing has changed in this respect, with 2 weeks to go, I expect significant volatility. What could happen to GBP/EUR rates if we vote to leave? Or to Remain? It’s impossible to predict this of course, but my view is that if ‘Remain’ wins the day, we’ll see GBP/EUR recover to €1.34/€1.35. If we end up voting to leave the EU, then I would expect GBP/EUR to fall to as low as €1.10. Either way, there will be volatility that presents excellent opportunities to buy or sell between Euros and Pounds.
If you need to exchange between Sterling and Euro, and are worried about how the ‘Brexit’ vote could affect rates, then get in touch with us to find out how we can help. We can help you achieve exceptional rates of exchange, and can help protect against rates moving against you. If you are buying or selling abroad, or a business that deals in different currencies, then the next few weeks could either prove very costly, or could save you thousands of Pounds.