Posted by Allison on 27 April 2018, 16:44
As we waved goodbye to 2017, the British pound ended the year on 1.8991 against the New Zealand dollar. While we managed to reach a high of 1.9113 during the first week of 2018, this didn’t last. The week ended on a similar rate of 1.8942, a slight drop compared to how the week began.
We know the pound often experiences surprising ups and downs in a short time against the Kiwi dollar, and we saw this again the following week. By the time trading had finished, the pound had dropped to 1.8796. But fast-forwarding one week meant we were back in better territory once again, rising to 1.9047. Where would we progress to from here?
The following week was better, and it took us confidently towards the end of January. From the opening salvo of 1.9047, we progressed to reach a closing rate of exactly 1.9400 on Friday night. Despite a minor loss on day one, the entire week had been an encouraging one.
However, we did lose ground as we moved from January into February, finishing the following week on 1.9305 and losing almost a cent in the process. From there, the next few weeks saw their usual ups and downs, but there was nothing notable to report on. That changed, however, when we headed into March. To give an example, 10th March had the pound on 1.9046, while the 17th saw a better rate of 1.9265 to close out that week. There were more surprises yet to come though.
By the time another week had passed, the British pound had scored yet another win against the New Zealand dollar. This time, it managed to move ahead to 1.9503. We were fast approaching the end of March, but we saw yet again how quickly things can change. Tuesday 27th March ended with the pound dropping to 1.9377, but three days later we headed north again, this time to end the week on 1.9542.
This wasn’t the highest result in that three-month period; that was reserved for a rate of 1.9630. However, we can see how diverse the exchange rates can be here, since the lowest rate was 1.8695 – almost a full 10 cents lower than the peak. This shows how unpredictable the rates are when you’re looking at the British currency versus the Kiwi one. We have already moved into April, and as of 27th April the pound had edged ahead a little further, this time reaching 1.9740. Could we be creeping closer to the two-dollar mark, or will the pound drop back once again? As we can see, there is no way of knowing for sure, especially since this is one of the most unpredictable currency pairings around.