The New Zealand Dollar exchange rate was trading in the region of 0.8508 against the US Dollar as of 09:45 am
Yesterday New Zealand’s performance of manufacturing index showed greater expansion than expected, climbing from 50.4 in December to 55.2 last month.
This news helped the ‘Kiwi’ to brush a 2 and a half year high against its Australian counterpart.
Now, more rapid than forecast retail sales growth in the smaller South Pacific nation has ensured that the New Zealand Dollar continues to trade higher.
When adjusted for inflation, fourth quarter retail sales were up by 2.1 per cent from the previous three months.
This advance, which was recorded by Statistics New Zealand, was the best seen since the last quarter of 2006.
It also wildly exceeded the expectations of economists, who predicted a 1.4 per cent gain.
Following the publication of the report the New Zealand Dollar raced to a 17-month high against the ‘Greenback’.
The South Pacific currency also benefited from non-resident holdings of New Zealand’s sovereign debt climbing to the most recorded since October of 2009.
This data is the latest in a stream of positive indicators, and with the signs of New Zealand’s economic recovery increasing the odds that the Reserve Bank of New Zealand will raise interest rates are on the up too.
As Bank of New Zealand currency strategist Mike Jones asserts: ‘The New Zealand economy is in recovery and outperforming its peers, and the Kiwi Dollar is likely to push higher. The Reserve Bank has a mild tightening bias, and in a world of easy policy and quantitative easing, a tightening bias is all you need to stand out from the pack’.
Current New Zealand Dollar Exchange Rates
The New Zealand Dollar to Euro exchange rate is currently trading at 0.6384
The New Zealand Dollar to Pound Sterling exchange rate is currently trading at 0.5481
The New Zealand Dollar to US Dollar exchange rate is currently trading at 0.8508
The New Zealand Dollar to Australian Dollar exchange rate is currently trading at 0.8211
The New Zealand Dollar to Canadian Dollar exchange rate is currently trading at 0.8504
The New Zealand Dollar to Emirati Dirham exchange rate is currently trading at 3.1234
The New Zealand Dollar to Swiss Franc is currently trading at 0.7817
The New Zealand Dollar to Japanese Yen exchange rate is currently trading at 78.5884
These exchange rates were correct as of 09:45 am
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