Pound to New Zealand Dollar Exchange Rate Today: GBP/NZD Falls as UK Stats Disappoint ? Dairy Prices Soften

Modified: Wednesday, 10 December 2014 23:46 BST - Written by Minesh Chaudhari

STORY LINK Pound to New Zealand Dollar Exchange Rate Today: GBP/NZD Falls as UK Stats Disappoint ? Dairy Prices Soften

Pound Falls versus New Zealand Dollar (GBP/NZD) as UK Stats Disappoint – Dairy Prices Soften

The Pound slid against the New Zealand Dollar after recent UK stats pushed the British currency lower. In addition, fashion retailers have recorded losses due to the previously strong Pound, despite experiencing a jump in sales in recent months.

ASOS stated: ‘Our sales have since gathered momentum and we had our biggest ever trading week over cyber weekend in November.’

Retail giant ASOS joins a host of other outlets in reporting profit losses as a result of long-term Pound strength.

ASOS commented: ‘That has been the big story and we have seen it getting worse and worse and worse.’ In an attempt to manage exchange rate fluctuations, ASOS has announced it will be introducing country-specific pricing in places such as Australia and France. ASOS continued: ‘We will forever be playing with pricing to make sure we are competitive in all markets.’

NZD Rates Today

The Pound to New Zealand Dollar conversion rate is -1.22 pct lower at 2.01440 GBP/NZD.
The Euro to New Zealand Dollar conversion rate is -1.03 pct lower at 1.59396 EUR/NZD.
The US Dollar to New Zealand Dollar exchange rate converts -1.52 per cent lower at 1 USD is 1.28039 NZD.
The Swiss Franc to New Zealand Dollar rate converts -1.11 per cent lower at 1 CHF is 1.32461 NZD.

The Canadian Dollar to NZ Dollar exchange rate converts -1.78 per cent lower at 1 CAD is 1.11606 NZD.

NZ Dollar Exchange Rate Falls

Meanwhile, the New Zealand Dollar has suffered after the almost halving of dairy prices since February. Recent speculation that an El Nino weather pattern could cause massive problems for dairy farmers also boded badly for the ‘Kiwi’. However, Wednesday saw more bad news when Fronterra cut its payouts to dairy farmers yet again. Fronterra chairman John Wilson stated: ‘Falling oil prices, geopolitical uncertainty in Russia and Ukraine, and subdued demand from China as it continues to work through inventory are all contributing to ongoing volatility and weak demand.’

However, the latest Fronterra cut could see many farmers out of business. Industry expert John Kuyf commented: ‘We’re an agriculture based country. And it’s just a bugger. People who get up this morning will wonder if they’ve got a job in six months time. Even if you like in Auckland, if you naively don’t believe it will affect you, it will.’

Another event that could see ‘Kiwi’ depreciation will be the Reserve Bank of New Zealand’s (RBNZ) interest rate announcement later on Wednesday. The central bank is unlikely to move the interest rate from the current 3.50% benchmark; however, the follow-up press conference with Governor Graeme Wheeler could be highly influential. Later in Thursday’s session the New Zealand Business Performance of Manufacturing Index released.

Meanwhile, Bank of England (BoE) officials such as Ian McCafferty are due to speak at events and their comments could cause Pound movement. McCafferty gained the reputation of a hawkish member of the Monetary Policy Committee (MPC) when he voted for the immediate increase of interest rates several times in recent months. Any hawkish comments could see the Pound exchange rate climb higher.

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