The GBP/NZD exchange rate has risen to a rate of 1.75 today, thanks in part to the earlier trade balance deficit surprise
- The Pound to New Zealand Dollar exchange rate today (09/12/16): 1.7605.
- The New Zealand Dollar to Pound exchange rate today: 0.56802.
Trade deficit data from the UK has today boosted GBP/NZD after showing a much stronger-than-expected narrowing in the discrepancy between the level of imports and exports.
The British Pound has been able to edge closer to 1.76 today after the latest US news cooled appetite for the risky New Zealand Dollar.
Consumer confidence data from the University of Michigan showed that sentiment had risen significantly higher-than-expected, with the confidence index hitting 98 against forecasts of 94.5.
While the UK’s October trade deficit had already been forecast to reduce, the actual shift from -5.81bn to -1.97bn greatly exceeded expectations.
On a less supportive note, the Q3 and October-covering construction orders and output results fell notably, sparking fears about what the coming construction PMI result could bring.
Latest Pound / New Zealand Dollar Exchange Rates
On Tuesday the Pound to British Pound exchange rate (GBP/GBP) converts at
1
Today finds the pound to pound spot exchange rate priced at 1.
The pound conversion rate (against us dollar) is quoted at 1.25 USD/GBP.
The live inter-bank GBP-INR spot rate is quoted as 104.377 today.
The live inter-bank GBP-CHF spot rate is quoted as 1.149 today.
NB: the forex rates mentioned above, revised as of 30th Apr 2024, are inter-bank prices that will require a margin from your bank. Foreign exchange brokers can save up to 5% on international payments in comparison to the banks.
Risky NZD Boosted by Weakened USD and EUR Exchange Rates
The British pound has seen gains evaporate today as weak US Dollar and Euro exchange rates have boosted appetite for the risky New Zealand Dollar.
Meanwhile the Supreme Court Brexit hearing is in its final day; investors are sure to start speculating on which side delivered the more convincing arguments.
Pound Sterling to New Zealand Dollar exchange rate rises after House of Commons MPs vote to approve Article 50 trigger in 2017; Is Brexit now officially underway?
Pound New Zealand Dollar exchange rate movement has been positive in the wake of a majority approval of triggering Article 50 by MPs on Wednesday evening.
The Pound has been in high demand across the board during trading today, although the long-term impact of last night’s vote is not expected to be especially severe.
The somewhat confusing motion was that MPs would provisionally agree to trigger Article 50 to start leaving the EU by the end of March, 2017.
However, the vote was not binding, and it is expected that MPs will still be able to vote on what the pre-trigger Brexit agreement is for the UK, which could further stall proceedings.
Over Thursday’s trading session, the Pound progressively dropped against the New Zealand Dollar, opening at a rate of 1.77 then falling to 1.75 by the end of the day.
New Zealand Dollar (NZD) exchange rates advance as new PM decided
The New Zealand Dollar (NZD) has risen against most peers today, with the exception of the stronger Pound.
Domestic data out of the country has been thin on the ground, with the main news being that National Party leader Bill English is expected to take on the mantle of Prime Minister.
The position is vacant on account of John Key, PM of eight years, announcing his surprise resignation on Monday, which rapidly eroded confidence in the NZD.
In spite of this recent uncertainty, however, the Government has recently stated that it expects stronger growth over the remained of 2016 and during 2017 as well.
While the New Zealand Dollar progressively appreciated against the Pound during Wednesday’s trading, it was unable to raise the exchange rate beyond 0.56.
British Pound (GBP) Gains Possible on Incoming Trade Balance Stats
While UK and NZ data will be limited for the rest of the week, the Pound is expected to hold an advantage against the New Zealand Dollar (GBP NZD).
The next UK data to watch out for will come on Friday morning - trade balance figures for October. On the month, a deficit reduction from -5.2bn to -3.4bn has been forecast.
The next New Zealand stats will be tonight’s retail card spending figures for November, which are expected to show a slight rise from 0.4% to 0.6% on the month.