The New Zealand Dollar began trading at around 1.9903 to the British Pound last Monday and around 1.2890 against the US Dollar. The Kiwi took a new direction on Wednesday and strengthened over the rest of the week. The Kiwi ended the trading week at 1.9584 to the Pound and 1.2838 to Dollar. The Kiwi opened even stronger this morning at 1.9477 to the Pound and 1.2801 to the US Dollar.
Last week Wednesday saw the British Government confirming that Austerity remains the key economic policy in the run up to the 2015 elections. The British Government announced a £11.5 billion planned savings for the 2015 calendar year. The Chancellor of the Exchequer, George Osborne, told the British Parliament that there will be curbs in the automatic pay increases for the public sector. Osborne also announced a shift in Government spending to infrastructure projects to help boost the economy. This announcement shocked the markets and the Pound weakened against most of its trading partners including the Kiwi.
The global market will be waiting for the US jobs data due to be released on Friday. This will be a key indicator for the US Fed around the health of the world’s largest economy and if the looming US bond buying program will be delayed or not.
Wednesday will see the services and non-manufacturing Chinese PMI data released. This could have an impact on the Kiwi due to the close trading ties.
Composed by Elizabeth Britz
Exchange rates as of 09:13, 02 July 2013
GBP / NZD: 1.9485
EUR / NZD : 1.6713
USD / NZD : 1.2804
AUD / NZD : 1.1784
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.