New Zealand Dollar in Strong Rally v Pound as RBNZ Strikes Positive Tone at June Meet

The GBP/NZD pair is in a steady downtrend, which despite having reached support from the major down-sloping trendline, will probably continue sliding lower – and definitely shows no signs of recovery yet.

 The Pound looks poised to rise against the New Zealand Dollar in the week ahead after reaching a significant layer of chart support from which to launch a new phase of rallying higher.

The New Zealand Dollar (Kiwi) gained support on Friday after a gauge of Manufacturing Sector, similar to the Purchasing Manager Indices (PMI’s), revealed more growth than expected.

The Pound to New Zealand Dollar has extended its previous decline through several major support layers but it is approaching another in the shape of a major multi-year trendline which is expected to halt declines, at least temporarily.

The New Zealand Dollar is currently has been one of the best-performing currency in G10 over the course of the past month, but analysts at JP Morgan warn they don’t see the good times lasting and adopt a contrarian stance to future expectations.

The GBP/NZD pair fell steeply following the June election, in the same way as other Sterling pairs.

The New Zealand Dollar (Kiwi) has been one of the strongest currencies of late but its fortunes could be about to change.

The New Zealand Dollar stands out as one of the currencies to watch, according to analysts at inevstment bank Morgan Stanley.