The New Zealand Dollar exchange rate was trading in the region of 0.8367 against the US Dollar as of 10:22 am
During Australasian trade disappointing US data and falling commodity prices saw the New Zealand Dollar drop against safe-haven rivals the US Dollar and Japanese Yen.
Declining Asian stocks and continuing signs of economic weakness in the Eurozone were also responsible for driving investors away from higher yielding assets like the ‘Kiwi’.
As one industry expert stated: ‘That makes a combination of things that are risk-off [for the New Zealand Dollar]’.
But the ‘Kiwi’ was able to enjoy a slight rebound, advancing on its US counterpart following the release of positive credit-card spending data for New Zealand.
Data issued by the Reserve Bank of New Zealand showed that credit card spending gained for a third month in January. Although the 0.4 per cent rise was significantly less than the 4.5 per cent gain recorded in December, it still marked a third consecutive month of increases and allowed the New Zealand Dollar to recoup 0.4 per cent against the ‘Greenback’.
However, Reserve Bank of New Zealand Governor Graeme Wheeler’s comments, regarding the readiness of the central bank to take steps to restrain the ‘Kiwi’, continues to limit upward movement in the currency.
The New Zealand Dollar is now in line to post a weekly 0.9 per cent drop on its US counterpart and has dropped to a week low against the ‘Aussie’.
In other South Pacific news, the Australian Dollar broadly strengthened after the governor of the Australian central bank quashed expectations for additional rates cuts.
Immediately following the news the ‘Aussie’ climbed on all of its most traded currency rivals, notably rising 0.7 per cent against the US Dollar.
Current Exchange Rates for New Zealand Dollar
The New Zealand Dollar to Euro (NZD/EUR) exchange rate is trading at 0.6325
The New Zealand Dollar to Pound Sterling (NZD/GBP) exchange rate is trading at 0.5482
The New Zealand Dollar to US Dollar (NZD/USD) exchange rate is trading at 0.8367
The New Zealand Dollar to Australian Dollar (NZD/AUD) exchange rate is trading at 0.8118
The New Zealand Dollar to Canadian Dollar (NZD/CAD) exchange rate is trading at 0.8503
The New Zealand Dollar to Japanese Yen (NZD/JPY) exchange rate is trading at 78.0808
These exchange rates were correct as of 10:22 am
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