Both the Australian and New Zealand Dollars have risen to a three-day high against the US Dollar due to speculation that the stimulus programmes being carried out by the world’s major Central Banks will send money into the Oceanic nations higher yielding assets.
The New Zealand Dollar has managed to maintain its gains against the Japanese Yen after the Bank of Japan reiterated its pledge to double its monetary base over two years in a bid to end 15 years of deflation.
“With the Bank of Japan, the Fed, the ECB to a degree, and the Bank of England as well, all looking to step up easing measures, it makes Australia and New Zealand quite attractive,” said Janu Chan, a Sydney-based economist at St. George Bank Ltd., referring to the Federal Reserve and European Central Bank. “Money needs to go somewhere.”
The ‘Kiwi’ has also made a third-day of gains against its Australian counterpart after data showed that exports from New Zealand to China and elsewhere rose more than economists had forecast. New Zealand’s exports to China have surpassed those of Australia for the first time with the total value of shipments increased to $ 4.4billion in March.
The value of shipments rose to NZ $4.4billion ($3.8 billion) in March from NZ $3.9 billion the previous month. According to the New Zealand statistics bureau overseas sales to China have jumped by 32% whilst exports to Australia showed a decline to a five-year low.
Current AUD and NZD Exchange Rates
The Australian Dollar to Euro exchange rate is trading at 0.7891
The Australian Dollar to US Dollar (AUD/USD) exchange rate is trading at 1.028
The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate is trading at 0.6665
The Australian Dollar to New Zealand Dollar (AUD/NZD) exchange rate is trading at 1.2094
The New Zealand Dollar to Euro (NZD/EUR) exchange rate is trading at 0.6524
The New Zealand Dollar to Pound Sterling (NZD/GBP) exchange rate is trading at 0.5510
The New Zealand Dollar to US Dollar (NZD/USD) exchange rate is trading at 0.8507
The New Zealand Dollar to Australian Dollar (NZD/AUD) exchange rate is trading at 0.8268
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