Drop in NZ dairy prices good for British pockets
A fall in dairy prices in New Zealand could be beneficial for any Brits considering starting a new life down under. The subsequent fall in the exchange rate between the New Zealand Dollar and the Pound means more money in the pockets of UK citizens who choose to emigrate to New Zealand, something that could make a big difference to their moving plans.
New Zealand was recently voted one of the most popular countries in the world to emigrate to. It is popular with those seeking a higher quality of life, spectacular landscape and a temperate climate. Better career opportunities, an improved work/life balance and accessible outdoor activities were just a few of the other reasons why some 4,000 people chose to make a new home in New Zealand last year.
The price of dairy has fallen by just shy of 50 per cent since February this year. Any drop in commodity prices will damage the Kiwi economic outlook, but is good news for those bringing Sterling with them.
In April, the transferral of £150,000 would have been exchanged for NZ$286,500. Now that same amount is worth NZ$9,000 more.
Some analysts believe the Kiwi is set for a rally, but further dairy price weakness could prevent this.
The NZD exchange rates on 25/11/2014 were as follows: GBP NZD = 2.007, EUR NZD = 1.5932, USD NZD = 1.2767, AUD NZD = 1.0925, CHF NZD = 1.3249, INR NZD = 0.0207, AED NZD = 0.3479, MXN NZD = 0.0934, CAD NZD = 1.1349, ZAR NZD = 0.1166, RUB NZD = 0.0278, . See today's New Zealand Dollar Exchange Rate
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