The Australian Dollar rose to a two-month high following the news that a bailout deal had been agreed between the government of Cyprus and the Troika of the European Union, European Commission and International Monetary Fund. The New Zealand Dollar also strengthened close to a monthly high as the markets awaited the decision on whether the bailout had been approved.
Both currencies have strengthened against the British Pound with the ‘Aussie’ rising by 0.44% and the ‘Kiwi’ rising by 0.23%. The Australian currency especially has surged against the majority of its peers as the nation continues to post positive economic data, against the Euro it has gained by 0.30% and against the US Dollar 0.34%.
“You saw a bit of safe-haven buying last week and, given that our bank ratings are still among the highest in the world, investors are looking favorably on Australia and New Zealand,” said Tim Kelleher, ASB Institutional, a unit of Commonwealth Bank of Australia in Auckland.
“The likes of Canada and Australia, and as a result New Zealand, would probably see an influx of deposits if things worsen in Europe and that would be supportive for the currencies.”
Rising commodity prices are expected to see the currency of the larger of the Oceanic country’s to rise further over the course of the day and tomorrow. In New Zealand the ongoing drought on the north island continues to impact the economy. The ‘Kiwi’ could make a downward movement as economic confidence in rural areas is falling.
Current AUD and NZD Exchange Rates
The Australian Dollar to Euro exchange rate is trading at 0.8050
The Australian Dollar to US Dollar (AUD/USD) exchange rate is trading at 1.0475
The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate is trading at 0.6888
The Australian Dollar to New Zealand Dollar (AUD/NZD) exchange rate is trading at 1.2522
The New Zealand Dollar to Euro (NZD/EUR) exchange rate is trading at 0.6428
The New Zealand Dollar to Pound Sterling (NZD/GBP) exchange rate is trading at 0.5500
The New Zealand Dollar to US Dollar (NZD/USD) exchange rate is trading at 0.8364
The New Zealand Dollar to Australian Dollar (NZD/AUD) exchange rate is trading at 0.7985
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