THE New Zealand Dollar peeked at a 2 year high on Monday against its Australian counterpart at 82.1cents to the Australian Dollar, this as markets eagerly awaited the minutes of the Reserve bank of Australia’s policy meeting. The RBA has held its cash rate unchanged since the last review at 3%.
In the wake of warnings from the European Central Bank President of further weakness in the Eurozone, we have seen a slight decline in the Kiwi. Data released last week has shown a larger than expected fourth quarter contraction in the EU economy.
The Kiwi has fallen against 16 of its major peers today as reports have hit the market that China has destroyed imported milk powder from New Zealand. Beijing News reported that China’s General Administration of Quality Supervision, Inspection and Quarantine agency had destroyed milk powder from three different brands.
Fonterra Co-Operative Ltd the world’s largest exporter of milk products, based in New Zealand, was quick to reassure the markets that none of their products had been destroyed. This has prompted a rebound of the Kiwi to 84.53 cents to the US Dollar.
Composed by Monique Chapman
Exchange rates as of 14:27, 19th February 2013
NZD/ GBP 0.5463
NZD/ EUR: 0.6332
NZD/ USD: 0.8453
NZD/ JPY: 79.42
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