BER Currency News

BER Home/s

  1. Home
  2. Currency News
  3. New Zealand Dollar Jumps as New Election Poll Suggests National Party Victory

New Zealand Dollar Jumps as New Election Poll Suggests National Party Victory

nzd-hero

The New Zealand dollar jumped by three-quarters of a percent against many of the majors on Wednesday evening after the latest election poll showed a clear swing in public opinion back towards the incumbent National Party. New Zealand’s general election will take place in three days’ time, on Saturday September 23rd.

NZD/USD is now seen at a six-week high close to 0.7315 and NZD/AUD at a four-week high of 0.918.

The 1 News Colmar Brunton poll – in which 1,006 eligible voters were interviewed between September 16th and September 19th – now has the National Party at 46%, up from 40%, and the opposition Labour Party at 37%, from 44%.

When asked for their preferred Prime Minister, 37% of interviewees gave National leader Bill English as their answer and only 31% said their preference was for Labour’s Jacinda Ardern. In the previous 1 News poll, the share of the vote for English and Arden had been 32% and 34% respectively.

The results display a significant change in momentum before the election. The Labour Party had achieved a remarkable turnaround in August after Jacinda Ardern replaced Andrew Little as party leader at the start of the month. Polls released on September 11th suggested that Labour had, in fact, moved ahead.



NZD/USD 3 Month Chart

Earlier in the year, under Little’s leadership, Labour support had been in the mid-20s and the party was given no chance of toppling the Nationals, who are targeting a fourth term in government.

Financial markets generally take a “better the devil you know” attitude when it comes to national elections, with traders typically favouring the incumbents.

 

Yen Fails to Make the Most of Impressive Export Data

In other financial news on Wednesday, Japan released data showing export growth running at its highest level since 2013. Annual growth of 18.1% comfortably beat July’s annualized rate of 13.4% and the market forecast of 14.5%.

Import data also surged (growth of 15.2% versus a forecast of +11.5%), indicating that domestic demand in Japan is improving.

To the disappointment of FX traders, today’s data did little for the yen. Seven hours after the release, the currency is little changed on its pre-data levels against the US dollar and euro. When last seen, the dollar and euro were buying 111.52 and 133.85 yen respectively.

The Bank of Japan is not expected to hike interest rates at its meeting on Thursday; not with inflation (+0.4%) still so far below the bank’s 2% target.

Interest rates in Japan are currently negative, at -0.1%, and haven’t been changed since they were dropped from 0% in January 2016.

 

Save money on travel cash and foreign currency transfers by using BER’s exchange rate comparison calculators.

Consider that with today’s best value FX provider, you’d save NZD 800 on a transfer of JPY 1,000,000 to a New Zealand bank account.

Joel Wright Author: Joel Wright

Joel has been involved in the markets for the past 10 years. During that time he’s worked in market analysis teams in London, in the financial technology sector in Singapore – working mostly with automated trading tools and algorithms – and most recently he’s been planning FX risk hedging for an SME in Bangkok. Joel has a first-class honours degree in Financial Services and currently writes about foreign exchange for several global businesses.

You can get in touch with Joel via email here or via the contact page.
Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product. Full Disclaimer

BER logo Best Exchange Rates - We make it Easy to Compare Exchange Rates & Fees of Banks and Currency Exchange & Payment Providers


Level 2, 50 Bridge St, Sydney NSW 2000.

Disclaimer | Copyright | Privacy Statement


DISCLAIMER

Best Exchange Rates is an information only service. By browsing on the website, using our comparison tools or FX provider referral service, you are asking Best Exchange Rates to provide you with information about currency exchange products & services from multiple financial institutions.

We will try to show you a range of products & services in response to your request for information. The search results do not include all providers and may not compare all features relevant to you. In giving you product information we are not making any suggestion or recommendation to you about a particular product.

If you decide to conduct foreign exchange you will deal directly with a financial institution, and not with Best Exchange Rates. Rates and product information should be confirmed with the relevant financial institution, see our terms of use for further details.

Best Exchange Rates may receive fees or other benefits in relation to activity on the Best Exchange Rates website. Best Exchange Rates may receive remuneration for vendor referral links. Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

Read our Full Terms of Service



COPYRIGHT

This website and its contents are the copyright of BEST EXCHANGE RATES PTY LTD © 2009-17. All rights reserved.

Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following. You may print or download contents to a local hard disk for your personal and non-commercial use only. You may copy some extracts only to individual third parties for their personal use, but only if you acknowledge the website as the source of the material.

You may not, except with our express written permission, distribute or commercially exploit the content. You may not transmit it or store it on any other website or other form of electronic retrieval system.

For more details or request distribution right please contacxt us here.