Based on technical analysis, Citigroup Inc. has asserted that trade patterns indicate that following a ‘bearish outside day on Thursday’ the New Zealand Dollar should ‘continue to move lower’, possibly dropping to a one month low against safe-haven rival the US Dollar.
After hitting a high of 84.47 US Cents yesterday the ‘Kiwi’ swung down to as low as 83.75 US Cents before the close of trade.
One Citigroup analyst commented that the South Pacific currency, which is currently in line for a 0.1 per cent weekly drop against the US Dollar, could fall to around 81.56 US Cents, a level not seen since December 26th last year.
Yesterday the ‘Kiwi’s downward movement occurred largely in a response to heightened concerns regarding nuclear testing in North Korea, although it was able to climb against a broadly softening Japanese Yen.
Due to a lack of economic news from New Zealand fluctuations in the nation’s currency over the course of the day can be attributed to global economic developments.
Current New Zealand Dollar Exchange Rates
The New Zealand Dollar to Euro exchange rate is currently trading at 0.6294
The New Zealand Dollar to Pound Sterling exchange rate is currently trading at 0.5303
The New Zealand Dollar to US Dollar exchange rate is currently trading at 0.8381
The New Zealand Dollar to Australian Dollar exchange rate is currently trading at 0.8018
The New Zealand Dollar to Canadian Dollar exchange rate is currently trading at 0.8383
The New Zealand Dollar to Emirati Dirham exchange rate is currently trading at 3.0882
The New Zealand Dollar to Swiss Franc is currently trading at 0.7812
The New Zealand Dollar to Japanese Yen exchange rate is currently trading at 75.9584
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