The New Zealand Dollar is weaker against Sterling but made gains against the US Dollar as demand for the American currency waned after the US Congress failed to agree a budget which led to a shutdown of the federal government.
The ‘Kiwi’ weakened against the Pound earlier in the session following the release of manufacturing data which showed that manufacturing in the UK expanded for a sixth consecutive month. As a result Sterling jumped to a nine-month high against the US Dollar and made gains against the majority of its peers.
Also bolstering the Pound was the release of data from recruitment firm Reed. Its report said that job vacancies in the UK are at their highest level in four years, supporting evidence that the nation’s economic recovery is picking up speed.
Against the US Dollar the Oceanic currency made gains as it benefitted from a slight recovery in risk appetite and on end of month buying.
“Rising political instability saw red ink splashed across global equity and commodity markets overnight but month, quarter, year-end real money buying of New Zealand dollar and Australian dollar insulated the usually risk-sensitive antipodeans from the broader market fallout,” Bank of New Zealand currency strategist Mike Jones said.
Against its Australian relation the ‘Kiwi’ tumbled after the Reserve Bank of Australia voted to refrain from cutting interest rates. Also supporting the currency was the release of data showing that retail sales in the country increased by 0.4% in August beating the 0.3% predicted by economists.
Current New Zealand Dollar (NZD) Exchange Rates:
The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.8278
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5129
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2080
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9495
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6308
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1251
(Correct as of 12:40 pm GMT)
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