Although the Pound was broadly supported against its peers yesterday as UK industrial/manufacturing production data trumped expectations (adding to a stream of recent better-than-forecast data and brightening the UK’s economic outlook) it struggled to advance on a bullish New Zealand Dollar.
The New Zealand Dollar to Pound Sterling exchange rate was trading in the region of 0.5205 as of 10:00 am GMT
The ‘Kiwi’ was boosted against its rivals as domestic employment data exceeded forecasts, with New Zealand’s unemployment rate unexpectedly dipping to 6.2 per cent from 6.4 per cent.
With New Zealand’s economy adding over twice the number of jobs estimated, the nation’s currency surged against rivals like the US Dollar and clawed back losses against the Pound.
However, while the ‘Kiwi’ retained gains for much of Australasian trading, before local markets closed the New Zealand Dollar edged away from its two-week high against the ‘Greenback’ and pared its advance against the Pound.
The NZD/GBP exchange rate hit a low of 0.5187 pence per Dollar
Although all the recent encouraging data to emerge from New Zealand is lending the commodity-driven asset support, with US GDP and non-farm payrolls data looming Federal Reserve tapering speculation is starting to dictate market movement once again.
As market strategist Imre Speizer observed; ‘The market’s getting back into the will they taper won’t they taper? state. It’s going to be hard for the ‘Kiwi’ to break through the 84-ish number [but] on the day and tomorrow the ‘Kiwi’ looks alright.’
While the New Zealand Dollar was holding its ground against Sterling as the local session began, the upcoming Bank of England policy meeting inspired GBP/NZD fluctuations.
If the BoE adopts a hawkish tone regarding asset purchases and rate increases the Pound could rally and recover losses against its New Zealand counterpart as European trading continues.
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: 0.8365 <
The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6197 <
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5205 <
The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8838 >
The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1966 >
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9205 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6160 >
The Australian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1337 <
The Canadian Dollar/New Zealand Dollar Exchange Rate is currently in the region of: 1.1458 >
(Correct as of 10:00 GMT)
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