THE Kiwi opened today at 1.856 to the British pound and 1.213 to the US dollar this is slightly up from the 1.174 to the Dollar and the 1.821 to the Pound which we saw at close of day on Friday.
The New Zealand Dollar shored it losses this morning as growth in retail figures released by the New Zealand Government where better than expected. Showing a growth in retails sales across most sectors and regions in the first three months of the year.
New Zealanders increased spending by 0.5 percent over the three month period ending March 31st according to Statistics New Zealand; this was slightly short of the 0.8 percent growth initially forecasted, but showed gains in most industries and across almost all regions.
This improvement in the retail environment across the majority of New Zealand has bolstered investor confidence in the Kiwi. And stemmed optimist the the economic recovery isn’t limited to Auckland and Christchurch.
Looking to the week ahead investors are focused on the Bank of England’s Inflation report due out tomorrow. Whilst the next aid payments for both Greece and Cyprus have been approved by the Eurozone finance ministers, investors are confident that this should bring a small reprieve to global sentiment.
Composed by Monique Chapman
Exchange rates as of 09:30 14th May 2013
NZD/ GBP: 0.5386
NZD/ EUR: 0.6348
NZD/ USD: 0.8237
NZD/ JPY: 683.968
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.