July 22, 2015 - Written by Tim Boyer
STORY LINK FX Outlook: British Pound to New Zealand Dollar Exchange Rate Fluctuates GBP NZD
RBNZ Cuts Interest Rates, New Zealand Dollar (NZD) Conversion Rate Experiences Movement
Overnight the Reserve Bank of New Zealand (RBNZ) announced that it would be slashing borrowing costs by 0.25 basis points. The move had largely been expected by economists and as some investors had been fearing a larger negative revision the New Zealand Dollar actually recorded gains after the decision was made.
Greek Developments Impact Pound Sterling to Euro (GBP/EUR) Exchange Rate Trading
Beleaguered Greek Prime Minister Alexis Tsipras faces another tricky vote in Greece’s parliament in order to win the right to commence talks with the Brussels Group regarding a third bailout for his debt-addled nation. Tsipras is facing a rebellion from his own MPs in his nation’s parliament; when the last vote on austerity measures took place earlier this month, almost a quarter of Syriza’s MPs disobeyed the leadership and took a stance against the tough austerity measures which were proposed.
GBP to EUR Conversion Rate Rises Back to Seven Year Best
With the debate on a second round of tax increases and spending cuts starting today, any increase in the numbers voting against austerity could see the Greek Prime Minister forced out. The prospect of such an outcome has seen the Pound Sterling euro exchange rate climb back up towards the 7 ½ year high of 1.4417 which it reached on July 17th. Analysts forecast that the suggestion that further Syriza rebels are emerging will send GBP EUR through to a fresh 7 ½ year high.
US Dollar Exchange Rate News Now: GBP/USD Dips after US Housing Data
Meanwhile, on the other side of the Atlantic, the latest US housing sector market data, published earlier today, provided further evidence of a recovery in America’s real economy. The June Existing Home Sales figures were particularly encouraging, showing a month on month increase of 3.2% when 0.9% had been anticipated. Meanwhile, the latest weekly US Mortgage Approval data showed at 0.1% versus the previous showing of -1.9%, suggesting that the retail banking sector Stateside is continuing to grow more confident in lending against properties.
Currency Market Predictions Now: RBNZ Decision to Drive GBP/NZD Trading
Looking ahead, tonight’s Reserve Bank of New Zealand (RBNZ) monetary policy announcement is almost certain to prove market-moving. Analysts are anticipating a quarter of a percentage point cut from the Kiwi central bank; such a result would be likely to send the Pound Sterling Kiwi exchange rate sharply higher as the New Zealand unit’s relative yield advantage is further eroded.
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TAGS: Daily Currency Updates Pound New Zealand Dollar Forecasts Forecasts