The New Zealand Dollar was in relative limbo against the Pound on Tuesday as the markets took a wait-and-see approach ahead of the release of the eagerly anticipated jobs data out of the United States.
The currency was little moved against the majority of its peers and was trading in a narrow range in the Asian session as investors took up positions before the publication of the data which was delayed by the US government shutdown on October 4th.
“The New Zealand Dollar like most of its peers seems rather stuck in limbo as it awaits the postponed release of US payrolls data. Any softness in the data could see the New Zealand Dollar benefit from US Dollar weakness as Quantitative easing expectations in the US are pushed back further” said Kymberly Martin, a currency strategist at Bank of New Zealand.
The US jobs report is expected to show that US employers added 180,000 jobs to the world’s largest economy; the biggest increase recorded since April and is predicted to show that the economy was gaining momentum before the start of the government shutdown and debacle over the debt ceiling.
If the data does indeed come in as forecast then the Fed could start tapering its quantitative easing programme this year although traders may look through a strong result on the expectation that the economy has been hurt by the shutdown.
Against its Australian relation the ‘Kiwi’ fell on expectations that Wednesday’s Australian data releases will show that the annual pace of inflation came in below the 2% target set out by the Reserve Bank of Australia.
Current New Zealand Dollar (NZD) Exchange Rates:
The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.8436
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6173
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5232
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8740
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1853
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9111
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6199
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1440
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1510
(Correct as of 10:30 am GMT)
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