THE New Zealand Dollar ended an eventful trading week against the British Pound, trading at 1.954 by Friday 13 July.
Against the Euro, however, the Kiwi hit a new record high of 65.07 Euro cents against the embattled currency since its introduction in 2002. This comes as ministers of the European financial committee attempt to quell the growing unrest felt by investors towards the regions affairs. Chris Weston of IG Markets commented “There is no real reason why you would want to hold euros over kiwis,” a view that is evidently shared by many.
Despite the gain against the Euro, weak New Zealand manufacturing data released helped to curtail the currency’s forward momentum. Assisting the slide was a decline in Asian stocks prior to the release of Chinese data which, as expected, revealed the nation’s slowest growth in three years.
Locally, data released showed a drop of 5.6% in the Performance of Manufacturing Index to 50.2. Anything below 50 indicates a decline in manufacturing.
By Friday, however, China had released decent news, showing a growth in GDP of 7.6%, 0.1% lower than forecasts. Jonathan Cavenagh, of Westpac Banking said that the GDP figure “came out just below the market consensus, which is a positive result.”
China also announced another interest rate cut in an attempt to bolster growth, as the country’s Premier pledged to monitor policies closely in order to manage continuous downward pressure on the economy.
Exchange rates as of 10h00, 16 July 2012
Compiled by Jesse Crooks of 1st Contact Forex
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