The New Zealand Dollar has fallen against the US Dollar and the majority of its peers, despite the release of positive data for the New Zealand economy. Concerns over growth in the Eurozone and signs of a slowdown in the US have weighed upon market sentiment and weakened commodity prices.
Data showed that New Zealand’s business manufacturing Index rose to 54.5 in April from the previous reading of 53.4 in March. Elsewhere the New Zealand government projected a small budget surplus of NZD75 million in 2015, up from its previous forecast of 66 million. The rise comes as the economy is bolstered by the rebuilding of the earthquake ravaged city of Christchurch.
At its annual budget speech the government disappointed some economists who had been hoping that the government would announce more spending, instead it loosened the purse strings by a very small amount.
Meanwhile, investors remained cautious after official data on Wednesday showed that the euro zone economy contracted by 0.2% in the first quarter, bringing the annualized rate of contraction to 0.9%. Germany’s economy posted growth of 0.1%, below expectations for a 0.3% increase, while the French economy contracted by a larger than expected 0.2%.
The next major movement for the ‘Kiwi’ is likely to occur later Thursday as the US is set to release its latest jobs claims figures and official data for building permits, housing starts, consumer inflation and its Philly Fed manufacturing Index.
New Zealand Dollar (NZD) Current Exchange Rates:
The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.8163
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6352
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5368
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8323
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2249
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.8628
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.5742
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.2013
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.2023
(Correct as of 09:45am GMT)
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