NZ dollar makes new gains against pound


The New Zealand dollar made fresh gains against the British pound on Monday morning, but it slipped further against the US dollar.

The kiwi rose to 52.72 pence, compared to 52.11 pence yesterday.

That means the kiwi is the strongest it has been against the pound since June 2013. That's a three-year high.

That pales beside the thirty-year high the US dollar against the pound in the wake of the Brexit vote.

The US dollar is considered a 'safe haven' asset, like gold.

That is why the kiwi is falling against the US dollar. It slipped by half a percent overnight against the US currency, trading around 70.90 US cents.

Investors have also been buying the Japanese Yen. The kiwi has fallen one percent to 72.105 Yen.

But the New Zealand dollar is up around 0.3 percent against the Euro, trading at 64.30 Euro cents.

The kiwi is trading at 95.36 Australian cents.

Gold is sitting at US$1,315 per ounce, down from US$1,358 in the immediate wake of the Brexit vote.

It is trading at NZ$1,848 per ounce.