The New Zealand Dollar began trading at around 1.9509 to the British Pound last Monday and around 1.2421 against the US Dollar. The Kiwi yo-yoed downward against both currencies and ended the week at 1.9995 to the Pound and 1.2919 to Dollar. The Kiwi opened in the same region this morning at 1.9903 to the Pound and 1.2890 to the US Dollar.
Thursday evening saw a huge market shift as the US Fed Reserve chairman, Ben Bernanke, announced the change in the future US monetary policy. The Kiwi has lost 4.1 percent against the greenback since the announcement and could continue to lose ground if US data continues on its positive trend of recovery. During the US trading session later today investors will be closely following the release of house prices, house sales and durable goods in the US.
People’s Bank of China announced this morning that it will be tightening cash liquidity. Investors will continue to monitor the world’s second largest economy as this could have a huge impact on growth in the region. The Kiwi will remain volatile during this period of sluggish growth in China due to their close trading ties.
Composed by Elizabeth Britz
Exchange rates as of 09:42, 25 June 2013
GBP / NZD: 1.9818
EUR / NZD : 1.6857
USD / NZD : 1.2838
AUD / NZD : 1.1918
Note: The above exchange rates are based on “interbank” rates. If you want to transfer money to New Zealand then please register/login or call us for a live dealing rate. Make use of a Rate Notifier to send you alerts when the New Zealand exchange rate reaches levels you are looking for.