THE New Zealand Dollar began trading at around 1.8096 to the British Pound last Monday and around 1.1933 against the US Dollar. The Kiwi weakened against both currencies to end the week at 1.8327 to the Pound and 1.2067 to Dollar. The Kiwi opened weaker on Tuesday morning at 1.8330 to the Pound and 1.2154 to the US Dollar.
China reported its lowest PMI index for the services industries in five months. This slow expansion is a worrying factor for New Zealand businesses as China is one of their largest trading partners. The market seems to be concerned over China’s dawdling rebound and if it will continue to lose steam in the upcoming months.
The Kiwi was boosted by positive retails sales in Australia. Increased consumer confidence and spending in Australia is a good sign for the region and its economic growth.
This week will see the US release nonfarm payroll data.
The Australia Reserve Bank has left the interest rate unchanged on Tuesday at 3%. The Australian GDP data is due tomorrow and will likely have an effect on the direction of the Kiwi.
Composed by Elizabeth Britz
Exchange rates as of 11:29, 5 March 2013
GBP / NZD: 1.8326
EUR / NZD : 1.5751
USD / NZD : 1.2089
AUD / NZD : 1.2365
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