With the pressure of various domestic and global issues weighing on it, the New Zealand Dollar fell against the majority of its most traded currency rivals during the Australasian session.
The New Zealand Dollar exchange rate was trading in the region of 0.8463 against the US Dollar as of 10:15 am GMT
News that Chinese manufacturing growth slowed by more than forecast in April further dented China’s economic outlook, which has the knock on effect of dimming New Zealand’s trade prospects. The manufacturing PMI compiled by HSBC showed a drop from 51.6 in March to 50.4 in April. Economists had expected a reading of 50.5. The index is now worryingly close to the 50 mark which separates growth from contraction.
In response to the report one economist noted: ‘The slower growth of manufacturing activities in April confirmed a fragile growth recovery’.
Unimpressive US employment data also contributed to the ‘Kiwi’s declines. The worse-than-expected employment change figure has caused concern among investors that Friday’s non-farm payrolls figure will also disappoint.
Meanwhile, the price of one of New Zealand’s main exports slumped by 10.2 per cent at auction. However, although the drop in the price of whole milk powder did modestly impact the ‘Kiwi’, losses were limited by the fact that prices remain higher than in the same period of 2012.
With the European Central Bank’s rate announcement set to trigger significant market volatility, the New Zealand Dollar is likely to experience movement in the hours ahead.
Current New Zealand (NZD) Exchange Rates
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The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.8463 <
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6438 <
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5437 <
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8290 >
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1769 >
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.8386 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.5527 >
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.2064 <
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1681 >
(Correct as if 10:15 GMT)
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