During Australasian trading the ‘Kiwi’ was initially boosted as a report showed that New Zealand posted a larger-than-forecast trade surplus in June. However, gains were short lived as less-than-impressive news from China dented demand for the South Pacific asset.
The New Zealand Dollar to Pound Sterling exchange rate was trading in the region of 0.5187 as of 09:55 am GMT
While economists expected the nation to post a trade surplus of around 105 million Dollars, it actually recorded a surplus of 414 million New Zealand Dollars.
In response to the trade data economist Nathan Penny observed: ‘We expect volatility in the trade balance data to continue for the next few months as a number of large movements (think drought and large swings in currencies) throw the balance around.’
Although this news saw the New Zealand Dollar spike initially, with the commodity-driven currency advancing on peers like the Pound, disappointing manufacturing data from China ensured that the gains were short lived.
The NZD/GBP exchange rate hit a high of 0.5221 pence per Dollar
A private report showing an unexpected worsening in the contraction of China’s manufacturing sector inspired a bout of risk-aversion in the market.
As New Zealand relies heavily on China for trade, the ‘Kiwi’ fell against its main counterparts (notably dipping against a strengthening US Dollar) as a preliminary gauge of China’s manufacturing PMI slipped from 48.2 to 47.7 – edging further away from the 50 mark separating growth from contraction and defying expectations for stagnation.
Movement in the NZD/GBP pairing was a little limited ahead of the Reserve Bank of New Zealand’s rate decision and the publication of influential GDP figures for the UK, both occurring tomorrow.
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: 0.7954 <
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6010 <
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5187 <
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8619 >
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2491 <
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9313 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6664 >
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1605 <
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.2166 >
(Correct as of 09:55 GMT)
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