The New Zealand Dollar exchange rate was trading in the region of 0.8326 against the US Dollar as of 10:11 am
On Friday worse-than-expected New Zealand employment data resulted in the ‘Kiwi’ falling against several of its most traded peers, most notably dropping away from its recent two and a half year high against the Australian Dollar.
Statistics New Zealand showed that in the final three months of last year 23,000 jobs were lost compared to the previous quarter, while the jobless rate slid from 7.3 per cent to 6.9 per cent.
Despite this recent development New Zealand’s economy is largely considered to be improving.
However, although the nation’s currency recovered some ground, the New Zealand Dollar continues to trade lower as this week begins following another piece of disappointing Australian data.
A report compiled by the Australian Statistics Bureau has shown that the number of loans issued in Australia for the building or buying of homes dropped in December.
This latest 1.5 per cent decline follows November’s revised 0.7 per cent slide, and adds to the string of less-than-impressive Australian data releases.
As Australia is one of New Zealand’s biggest trading partners the lacklustre news for the former nation caused the ‘Kiwi’ to post losses against the Euro, Yen and US Dollar.
It was little changed against the ‘Aussie’.
Although public holidays in China and Japan will limit fluctuations in the marketplace today, additional movement could be triggered this evening after New Zealand’s card spending figures, scheduled for release at 21.45 GMT, are published.
Economists have forecast that spending on electronic cards will have increased by 0.3 per cent from January, but this news is only a precursor to Thursday’s retail sales figures, which are expected to have risen by 1.1 per cent in the fourth quarter of 2012.
One economist noted: ‘The Kiwi’s momentum has certainly slowed down […] but retail sales are going to be quite a strong number and that alone should keep the kiwi elevated.’
Industry experts have predicted that this week the New Zealand Dollar will trade in the range of 82.50 – 85 cents against the US Dollar.
Current New Zealand Dollar Exchange Rates
The New Zealand Dollar to Euro exchange rate is currently trading at 0.6242
The New Zealand Dollar to Pound Sterling exchange rate is currently trading at 0.5283
The New Zealand Dollar to US Dollar exchange rate is currently trading at 0.8326
The New Zealand Dollar to Australian Dollar exchange rate is currently trading at 0.8111
The New Zealand Dollar to Canadian Dollar exchange rate is currently trading at 0.8358
The New Zealand Dollar to Emirati Dirham exchange rate is currently trading at 3.0731
The New Zealand Dollar to Swiss Franc is currently trading at 0.7662
The New Zealand Dollar to Japanese Yen exchange rate is currently trading at 77.3980
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