Yesterday the ‘Kiwi’ rallied against its rivals as the nation’s retail sales climbed by more than anticipated. During local trade the South Pacific asset was able to extend gains as more positive domestic news emerged.
The New Zealand Dollar to Pound Sterling exchange rate was trading in the region of 0.5190 as of 10:40 am GMT
A gauge of manufacturing surged from an upwardly revised 55.2 in June to 59.5 in July, while the nation’s ANZ consumer confidence index rose from 119.8 to 123.0.
With this week’s news highlighting the contrast between New Zealand and Australia’s economic performance, speculation regarding the odds of the Reserve Bank of Australia tapering stimulus have increased and the ‘Kiwi’ has posted a notable advance on the ‘Aussie’.
As senior currency strategist Daisaku Ueno observed: ‘Judging from what’s priced in markets, Australia may cut rates while New Zealand many either stay on hold or raise rates. Aussie-Kiwi probably has room to fall a bit further.’
The NZD/GBP exchange rate hit a high of 0.5219 pence per Dollar
Despite the Pound being boosted by some better-than-anticipated UK news, the New Zealand Dollar retained gains against its British counterpart as the European session progressed.
Yesterday’s positive Eurozone growth data has also gone a long way to supporting risk sentiment and bolstering commodity-driven currencies like the ‘Kiwi’.
With no additional economic news scheduled for release before the weekend, New Zealand Dollar volatility may be restricted, although news from the Eurozone and US (including tomorrow’s University of Michigan confidence gauge) will be of interest.
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: 0.8091 >
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6086 >
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5190 >
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8785 <
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2398 <
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9288 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6441 <
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1386 >
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.2056 <
(Correct as of 10:40 GMT)
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