Early in Wednesday’s session the New Zealand Dollar managed to make gains against the US Dollar due to the release of positive inflation data and as concerns remained over the US budget and debt ceiling impasse.
According to official data, consumer price inflation in New Zealand climbed by 0.9% in the third quarter exceeding expectations for a 0.8% increase. The Reserve Bank of New Zealand is watching the construction booms in Auckland and Christchurch closely to see whether wage growth in those areas will spill over into wider inflation. Prices for newly built houses increased 0.9% in the quarter, taking the annual pace to 4.1%.
Initially the data supported the currency but as the session progressed the ‘Kiwi’ fell into a stable pattern against its peers as concerns that no deal will be reached in the US over the debt ceiling will be reached.
The markets grew jittery and investors took to the sidelines after credit ratings agency Fitch ratings said that it had placed its triple-A rating on the United States on a negative watch rating after a debt default appears increasingly likely.
Against the Pound the ‘Kiwi’ was weakened after data showed that the number of people claiming unemployment benefits in the UK fell to its lowest level since June 1997. The Office for National Statistics said that the number of claimants dropped by 41,700 in September.
The New Zealand is set to be at the mercy of international factors as the week progresses due to a lack of domestic data reports.
Current New Zealand Dollar (NZD) Exchange Rates:
The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.8423
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6221
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5250
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8831
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1871
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9045
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6073
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1323
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1448
(Correct as of 12:30 pm GMT)
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