The New Zealand Dollar began trading at around 1.8161 to the British Pound last Monday and around 1.1944 against the US Dollar. The Kiwi Strengthened slightly against both currencies to end the week at 1.8129 to the Pound and 1.1931 to Dollar. The Kiwi opened Stronger compared to the previous week on Tuesday morning at 1.7969 to the Pound and 1.1774 to the US Dollar.
The New Zealand Reserve Bank Deputy Governor Grant Spencer announced on Monday that the credit expansion due to increased spending on houses and consumable goods could fuel inflationary pressures. This could lead to the revision of the current Monetary Policy which recently stated it would keep the Official Cash Rate stable. There is a growing concern that there are two potential housing bubbles developing in Auckland and Christchurch.
Friday saw the release of the US Payroll data. The world’s biggest economy added less than half the jobs expected by economists in March this year. The Kiwi has gained 2.3 percent against the US Dollar this year.
Japanese expansionary monetary policies continue to play a big factor in the market. The Yen is moving to more attractable levels for Japanese exports and will hopefully lead to increased trade.
Later today will see UK and German trade data released for February and the Swiss CPI Index for March.
Composed by Elizabeth Britz
Exchange rates as of 07:30, 9 April 2013
GBP / NZD: 1.7969
EUR / NZD : 1.5332
USD / NZD : 1.1774
AUD / NZD : 1.2275
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.