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Pound Sterling to New Zealand Dollar (GBP/NZD) Exchange Rate Rises on UK GDP Upgrade
Published: 10 Jul at 2 PM Tags: Pound Sterling, Dollar Exchange Rate, New Zealand Dollar Exchange Rate, Currency Exchange, Forex, UK, Exchange Rates,
Daily Pound Sterling News: GBP/NZD Exchange Rate Rises on GDP Acceleration
The Pound has shaken off Monday’s GBP/NZD exchange rate losses and risen by 0.5% against the New Zealand Dollar today, thanks to supportive UK GDP data.
The Office for National Statistics (ONS) has devised a new method of collating gross domestic product and today has brought its first ‘monthly’ GDP readings.
May’s figure has shown an improvement on April’s reading, with growth from 0.2% to 0.3%.
Additional support for the Pound has come from speculation that the Conservative government might not be in danger of a leadership challenge.
It was initially feared that the resignation of Foreign Secretary Boris Johnson would lead to a campaign against Prime Minister Theresa May, but these fears are so far unfounded.
The Pound could rise further against the New Zealand Dollar later this week, when Bank of England (BoE) policymaker Jon Cunliffe gives a speech on Friday.
Mr Cunliffe will be giving remarks at the Cumbria Chamber of Commerce and could touch on the issue of monetary policy adjustment.
If Mr Cunliffe voices support for a near-term UK interest rate hike, then the Pound could rise sharply against the New Zealand Dollar before the weekend.
New Zealand Dollar to Pound Sterling (NZD/GBP) Exchange Rate Declines on Business Confidence
On the other side of the currency pairing, the New Zealand Dollar has struggled in trading against the Pound today because of a strong US Dollar and signs that there could be difficulties ahead.
The main worry for NZD traders is that business confidence levels have been consistently low since the change of government last year and may fall further in the months ahead.
Business sentiment is currently at its lowest point in seven years, which reflects company concerns about higher minimum wages, housing market changes and immigration restrictions.
Village Accommodation Director Adam Cunningham has highlighted how NZ businesses feel under the new government, saying:
‘There’s been a raft of legislative changes that have moved so rapidly. The message is pretty disconcerting and demotivating.’
The next NZ economic data to watch out for will be Thursday night’s business NZ manufacturing PMI for June; this is tipped to show rising manufacturing sector growth.
The New Zealand Dollar might appreciate on such news, but at the same time if there are persistent concerns about business confidence then NZD/GBP gains may be limited.
The Pound has shaken off Monday’s GBP/NZD exchange rate losses and risen by 0.5% against the New Zealand Dollar today, thanks to supportive UK GDP data.
The Office for National Statistics (ONS) has devised a new method of collating gross domestic product and today has brought its first ‘monthly’ GDP readings.
May’s figure has shown an improvement on April’s reading, with growth from 0.2% to 0.3%.
Additional support for the Pound has come from speculation that the Conservative government might not be in danger of a leadership challenge.
It was initially feared that the resignation of Foreign Secretary Boris Johnson would lead to a campaign against Prime Minister Theresa May, but these fears are so far unfounded.
The Pound could rise further against the New Zealand Dollar later this week, when Bank of England (BoE) policymaker Jon Cunliffe gives a speech on Friday.
Mr Cunliffe will be giving remarks at the Cumbria Chamber of Commerce and could touch on the issue of monetary policy adjustment.
If Mr Cunliffe voices support for a near-term UK interest rate hike, then the Pound could rise sharply against the New Zealand Dollar before the weekend.
New Zealand Dollar to Pound Sterling (NZD/GBP) Exchange Rate Declines on Business Confidence
On the other side of the currency pairing, the New Zealand Dollar has struggled in trading against the Pound today because of a strong US Dollar and signs that there could be difficulties ahead.
The main worry for NZD traders is that business confidence levels have been consistently low since the change of government last year and may fall further in the months ahead.
Business sentiment is currently at its lowest point in seven years, which reflects company concerns about higher minimum wages, housing market changes and immigration restrictions.
Village Accommodation Director Adam Cunningham has highlighted how NZ businesses feel under the new government, saying:
‘There’s been a raft of legislative changes that have moved so rapidly. The message is pretty disconcerting and demotivating.’
The next NZ economic data to watch out for will be Thursday night’s business NZ manufacturing PMI for June; this is tipped to show rising manufacturing sector growth.
The New Zealand Dollar might appreciate on such news, but at the same time if there are persistent concerns about business confidence then NZD/GBP gains may be limited.
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Source: moneytransfer.co.uk