Last week we finally got the first significant piece of economic data since June’s Brexit vote and it was not good news for the UK economy or the Pound.

Sterling rebounded from its recent multi-year lows in the past three months as concerns regarding a possible UK exit from the European Union at this month’s referendum receded.

Low inflation and subdued dairy prices will keep the New Zealand dollar in check over the course of the coming year.

“We do not anticipate a decline in Sterling to the magnitude witnessed in the early 1990’s, let alone the 20% depreciation suggested by Goldman Sachs.”