With the Pound still enjoying a bullish relationship with its rivals as a result of last week’s encouraging employment and retail sales data, the NZD/GBP pairing remained under pressure during the Australasian session.
The New Zealand Dollar to Pound Sterling exchange rate was trading in the region of 0.5236 as of 10:00 am GMT
Although the ‘Kiwi’ was able to advance on its Australian rival as net immigration was shown to have hit a ten-year high, it lost ground against its British and US counterparts.
According to currency strategist Mike Jones, ‘We did have some quite strong New Zealand migration figures, which actually tell the story of New Zealanders turning for New Zealand from Australia after a long period of the flip side, which, I guess, does reinforce the story of fundamentals favouring the Kiwi’.
The NZD/GBP exchange rate hit a low of 0.5231 pence per Dollar
However, gains were limited following the publication of a domestic report showing a decline in credit card spending.
Data compiled by the Reserve Bank of New Zealand showed that card spending dipped by 0.1 per cent in September, month-on-month, following an increase of 1.4 per cent in August.
Card spending was up 5.2 per cent on the year.
Further NZD/GBP movement was limited following the release of UK house price data, although the Rightmove gauge did show the most significant increase in prices since February this year.
If this week’s UK GDP adds to the developing picture of a stabilising economic recovery the ‘Kiwi’ may continue slipping against the Pound.
The NZD/USD pairing, on the other hand, is likely to continue trading in the region of a four-month high ahead of this week’s influential US data releases, such as the postponed non-farm payrolls report (now out tomorrow).
New Zealand’s biggest data release for the week (trade balance figures) is due out on Wednesday, but Chinese and US data will also have an impact on the currency.
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: 0.8468 <
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6202 <
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5236 <
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8760 <
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1784 >
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9092 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6126 >
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1400 >
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1448 <
(Correct as of 10:00 GMT)
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