The UK currency edged down against the kiwi in trading yesterday, losing just 0.1%, as weak global equities offset a poor report on the UK’s credit rating.
- Sterling lost ground on Tuesday after a ratings agency said the UK was the major economy most at risk of losing its AAA credit rating.
- However, after a knee-jerk sell-off in response to the comments, the pound recovered some poise after traders realised that the remarks contained no new information.
- The kiwi was also struggled as risk appetite waned slightly with global equities failing to build on Monday’s gains, which dampened demand for the higher-yield currency.
- This morning, the pound has recovered its losses after the Reserve Bank of New Zealand said the current high level of the kiwi dollar was not sustainable and might hinder the rebalancing of the economy after the financial crisis.
Related posts:
- The pound lost ground yesterday as demand for the kiwi soured on positive data and rising risk appetite
- Sterling made gains against the kiwi yesterday, but rising risk appetite has supported kiwi advances today
- Kiwi suffered a severed setback following the RBNZ rate statement yesterday evening
- Kiwi found support from the strength of its neighbour yesterday, and as global equities rallied strongly
- Kiwi strenghtened broadly yesterday, but the pound has stemmed its losses in trading this morning
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