THE New Zealand Dollar has been climbing steadily reaching its highest level in more than three weeks. The Kiwi has gained almost 1.6 percent over the past three months and remains the 10th most traded currency on the foreign exchange markets.
The improvement in the Kiwi comes as a result of the rate decision released by the NZD Reserve Bank last week. The decision was made to keep the rate unchanged in order to meet the inflationary target of 1 – 3 percent, keeping the rate fairly predictable. Inflationary pressures are still of a concern and could see a rate rise on the horizon next year. Exporters however have benefited from the near zero interest rates in the US and Europe helping boost the New Zealand Dollar to its current form.
AUD/NZD is currently trading at highs of 0.88 and lows of 0.86. The Kiwi seems to have gained a bit of ground on the Pound this week from the 0.5120 NZD/GBP on Friday, hovering around the 0.5140 mark this morning.
With the release of the USD Consumer Price Index later today as well as the NZ Gross Domestic Product forecasted for later this week, Investors can only speculate if there will be a small movement in the Kiwi.
Composed by Chris Davis
Exchange rates as of 9:41 (GMT), 17 September 2013
GBP / NZD: 1.9465
EUR / NZD: 1.6324
USD / NZD: 1.223
AUD / NZD: 1.1393
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.