Although expectations surrounding the minutes of the Bank of England’s most recent policy meeting helped the Pound approach a three-week high against the US Dollar and allowed the British currency to hold fairly steady against the Euro overnight, Sterling slipped against the New Zealand Dollar.
The New Zealand Dollar to Pound Sterling exchange rate was trading in the region of 0.5185 as of 10:05 am GMT
While a domestic report showed that inflation expectations for New Zealand topped out in the fourth quarter of the year, lowering the odds of the Reserve Bank of New Zealand raising interest rates in the near future, yesterday’s Chinese news continued to lend the ‘Kiwi’ support.
Inflation expectations edged from 2.36 per cent in the third quarter (a 12-month high) to 2.34 per cent in the final three-months of the year.
The result had little impact on the NZD/GBP pairing, which largely retained gains recorded after the prospect of economic reforms in China brightened New Zealand’s trade prospects.
Meanwhile, the ‘Kiwi’ leapt to a five-year high against its Australian counterpart after minutes from the latest Reserve Bank of Australia meeting revealed that policy makers are keeping an open mind when it comes to further interest rate adjustment.
The New Zealand Dollar’s bullish relationship with the ‘Greenback’ persisted as Australasian trading came to a close. A lack of US data could limit further NZD/USD movement in the hours ahead as investors will be focusing on the publication of Federal Open Market Committee minutes.
The NZD/GBP exchange rate hit a low of 0.5150 pence per Dollar
According to Wellington-based industry expert Martin Rudings; ‘Everything depends on US data. I’m bullish for a US Dollar rally come the end of the week. I see the Kiwi a lot lower next year after tapering starts.’
The ‘Kiwi’ also pared gains before the European session opened as Asian stocks declined for the first time in several days, having an adverse impact on commodity-dependent assets like the New Zealand and Australian Dollar’s.
As the week continues NZD/GBP movement could be inspired by New Zealand’s producer price figures, the release of minutes from the Bank of England’s latest policy meeting, New Zealand credit card spending data and UK trade balance figures.
Current New Zealand Dollar (NZD) Exchange Rates:
< Down > Up
The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.8350 >
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6175 >
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5185 >
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8862 <
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1988 <
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9294 <
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6202 <
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1293 >
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1530
(Correct as of 10:05 GMT)
Comments are closed.