THE New Zealand Dollar traded at 1.9907 NZD to the British Pound on Friday up from the 2.0085 NZD on Monday, finishing on an average of 1.9998 for the week.
The last week has proved rather stagnant for the Kiwi as currency markets stirred little activity in anticipation of the outcome of Greece’s elections on Sunday.
Forex trades decreased during the week causing the Kiwi to strengthen as people were holding out on transferring their money to riskier economies until the outcome of Greece’s elections were certain.
The New Zealand Dollar gained more than half a US cent after the ECB endorsed Spain’s financial bailout.
With Sunday’s Greece elections resulting in the pro-bailout New Democracy party being in the best position to set the terms of a governing coalition, the Kiwi strengthened further as fears eased on the imminent rupture in the euro zone.
However Mike Jones, market strategist at Bank of New Zealand, said, “European policymakers are doing their best to boost sentiment but the market begs to differ,” adding “Euro sentiment is still firmly in the doldrums.”
“The Kiwi is still managing to hold its own quite nicely though,” Jones said.
GBP / NZD: 1.974
EUR / NZD : 1.598
USD / NZD : 1.258
AUD / NZD : 1.273
Exchange rates as of 18/06/2012 at 09.13am.
:: Note: The above exchange rates are based on “interbank” rates.
Composed by Saskia Johnston of 1st Contact
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