During Australasian trading the New Zealand Dollar strengthened against the Pound and consolidated gains against the US Dollar in spite of a larger than forecast increase in the nation’s unemployment rate.
The New Zealand Dollar to Pound Sterling exchange rate was trading in the region of 0.5156 as of 10:35 am GMT
Government reports showed that the unemployment rate in New Zealand unexpectedly climbed to 6.4 per cent in the second quarter from 6.2 per cent in the first.
Economists had expected the jobless rate to rise to 6.3 per cent.
Meanwhile, average hourly earnings increased by 0.4 per cent in the second quarter instead of the 0.6 per cent expected.
However, the participation rate edged up to 68.0 per cent and employment change rose by 0.4 per cent instead of 0.3 per cent – meaning that more people joined New Zealand’s workforce, a further sign of improvement for the labour market.
The ‘Kiwi’ was also supported against its peers by the news that Fonterra’s contaminated dairy products have been contained.
The NZD/GBP exchange rate hit a high of 0.5175 pence per Dollar
With fears regarding New Zealand’s major export receding, a record amount of produce was sold at a Global Dairy Trade auction.
As industry expert Stuart Ive comments: ‘We’ve had a lucky escape with the milk scare with high demand at the auction and volume jumping. At the moment it looks like a fairly contained situation, and the Kiwi/US is maintaining its elevated levels’.
The New Zealand Dollar climbed against the ‘Aussie’ and Euro but softened against a bullish Yen.
NZD/GBP fluctuations are likely to occur in the hours ahead as the Bank of England publishes its highly anticipated inflation report.
As the week progresses China’s trade balance data, Australia’s employment figures and New Zealand’s card spending report could all have an impact on the ‘Kiwi’.
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: 0.7898 >
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.5944 >
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5156 >
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: 1.2639 <
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9391 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6834 <
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1358 <
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.2240 <
(Correct as of 10:35 GMT)
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