The New Zealand Dollar is on course to make a weekly gain against the Pound and is heading for a 2.1% one against the US Dollar.
The rise comes as investors pare their bets on the world’s main reserve currency in a week when Federal Reserve Charmin Ben Bernanke reaffirmed that the US Central Bank is determined to begin winding down its quantitative easing programme.
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5209
Bernanke this week addressed the US Congress and as expected took a rather neutral tone to his comments. He said that any tapering to the Fed’s massive monetary easing programme wasn’t ‘preset’ and that any reduction will be determined by the strength of the US jobs market and other targets.
“He’s not making a signal that rate hikes are imminent, he’s trying to keep his options open,” said Chris Tennent-Brown, FX economist at Commonwealth Bank of Australia in Sydney. “US yields have lowered a bit, the US Dollar has eased a bit, and the kiwi has been able to drift a little bit higher.”
The ‘Kiwi’ was supported in early trading following the release of better-than-expected credit card spending data and the weakening of the US Dollar. Spending jumped from 2.6% in 2012 to 5.4% in this year.
Investors next week will be looking at next week’s inflation figures out of Australia and the New Zealand Reserve Banks monetary policy review next week for clues on how the Oceanic currencies will move.
Current New Zealand Dollar (NZD) Exchange Rates
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The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.7940 >
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6059 >
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5209 >
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8657 >
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2594 <
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9195 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6502 <
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1551 <
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.2127 <
(Correct as of 10:40 am GMT)
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