New Zealand dollar falls to two-year low against British Pound

The New Zealand dollar has dropped to a two-year low against the British pound after it was announced a Brexit deal could be imminent.

EU chief negotiator Michael Barnier said a Brexit deal between Britain and the European Union may be reached by as early as November, BusinessDesk reports.

The Kiwi dollar sunk to as low as 50 pence, trading at 50.04 pence in Wellington at 8am today after falling from 50.47 pence yesterday.

The pound strengthened by 0.8 per cent after Mr Barnier said an agreement would be "realistic" and "possible" in six to eight weeks.

BNZ senior markets strategist Jason Wong said, "NZ/GBP is hovering just above 50 pence, levels last seen prior to the Brexit vote in mid-2016".

A mixture of New Zealand Bank notes and coins.
New Zealand currency (file picture). Source: