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You are here: Home / New Zealand Dollar / Will GBPNZD Continue It’s Rise?

Will GBPNZD Continue It’s Rise?

March 14, 2016 by Joe Wright

Will GBPNZD Continue It’s Rise?

The Pound has gained in relation to the New Zealand Dollar as of late, and this week could be important as to whether this trend continues.

JMW-iwi-DollarThe paired spiked last week as the RBNZ (the Reserve Bank Of New Zealand) reduced the official cash rate by 25bp to 2.25%, this move surprised the market and a look back at a 5 day chart makes that very clear, with GBPNZD spiking upwards and now trading within a new range of 2.12 – 2.15.

Economic news releases are limited this week in New Zealand, and I’m expecting tomorrow to be the highlight of the week as the Global Diary Auction is scheduled for release. When we consider that dairy products are New Zealand’s biggest export, I think the auction tomorrow has the potential to move pairs involving the NZD.

Commodity prices have staged a small recovery recently, some of course more than others, and New Zealand Dollar bulls as well as dairy farmers will be hoping that the recovery has spilled over into the dairy industry as well.

Filed Under: New Zealand Dollar Tagged With: GBPNZD, Global Diary Auction, Pound strength, Reserve Bank Of New Zealand

The information on this website is provided for information purposes only. It does not constitute advice to any person on any matter. Every reasonable effort is made to ensure that the information is accurate and complete but we assume no responsibility for and offer no warranty with regard to the same.

About Joe Wright

Joseph Wright brings a wealth of experience on the currency markets. He has worked in a number leading financial services organisations over the last seven years - working within a range of products including foreign currency exchange, equities and derivatives.

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