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UK election: GBP plunges against NZD

Author
Newstalk ZB Staff,
Publish Date
Sat, 10 Jun 2017, 6:25AM
The British Pound has plunged against the New Zealand Dollar, with markets rattled by the prospect of uncertainty. (Getty)
The British Pound has plunged against the New Zealand Dollar, with markets rattled by the prospect of uncertainty. (Getty)

UK election: GBP plunges against NZD

Author
Newstalk ZB Staff,
Publish Date
Sat, 10 Jun 2017, 6:25AM

Foreign currency traders are bracing for another shortage of British Pound notes, following yesterday's surprise UK election result.

The British Pound has plunged against the New Zealand Dollar, with markets rattled by the prospect of uncertainty.

Travel Money country manager Daniel Jackson said New Zealanders were lining up down the streets to buy Pounds after last year's Brexit vote.

He said they have ordered in extra supplies of notes, in case New Zealanders do the same again after yesterday's result.

"What's bad for the pound is great for Kiwi travellers, so it's a great opportunity for people to get in there and grab what are quite cheap pounds at the moment," he said.

Jackson said now is the perfect time to buy British currency.

"If you have got travel plans that are taking you to Britain in the near future, my advice would be get in there now before the market settles itself again s it inevitably will do," he said.

READ MORE: May will form govt to 'provide certainty' after shock election result

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