The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate has risen marginally today, leveling out since last week’s larger rises. Elsewhere the Pound has had a mixed performance against other currency competitors. The New Zealand Dollar (NZD) has been kept down by commodity news that came yesterday.
GBP/NZD Exchange Rate News: Mixed Reception after only UK Economic Event Today
The Pound Sterling (GBP) has seesawed in value today, starting off on a downtrend but rising in the immediate aftermath of a speech from Bank of England (BoE) Deputy Governor Ben Broadbent. Broadbent urged investors not to focus too heavily on the UK inflation rate when making predictions for the future UK interest rate hike. Since then, however, the Pound has declined, printing losses against many rivals.
These have included -0.4% against the Russian Ruble (GBP/RUB) and the Swedish Krona (GBP/SEK), although rises have been marginally against the New Zealand Dollar (GBP/NZD) and by greater amounts of more than 0.5% against the Chinese Yuan (GBP/CNY) and the Indian Rupee (GBP/INR).
Falling Milk Price saw New Zealand Dollar (NZD) Crash Yesterday, Slight Recovery Today
The New Zealand Dollar (NZD) has declined marginally against the Pound Sterling (NZD/GBP) today, with other exchange rate results mainly being narrow trendings. The ‘Kiwi’ has risen by 0.5% against the Chinese Yuan (NZD/CNY) and advanced slightly against the US Dollar (NZD/USD), but has fallen by -0.2% against the Euro (NZD/EUR).
The main detrimental effect on New Zealand’s economy recently has been the fall of -7.9% in whole dairy prices, which was the negative result that came out of the GlobalDairyTrade Auction yesterday.
GBP/NZD Exchange Rate Forecast: New Zealand PPIs Out Today ahead of UK Retail Sales Tomorrow
The next results for the New Zealand Dollar (NZD) will be the country’s Producer Price Indexes for the third quarter scheduled for release tonight. At the time of writing, no predictions had been made for the outcomes in these fields.
The UK has several releases scheduled for release tomorrow, with the October Retail Sales making up the bulk of the due data. As of writing, forecasts had been largely negative for the result of the various fields of Retail Sales, with either negative printings or slowdowns on previous results being predicted.
Slightly more positively forecast have been the CBI Trends for Total Orders and Selling Prices in November, which are expected to move closer towards a positive figure tomorrow, while still staying at negative numbers.
Current GBP, NZD Exchange Rates
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate was trending in the region of 2.3499 and the New Zealand Dollar to Pound Sterling (NZD/GBP) exchange rate was trending in the region of 0.4258 today.
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