The New Zealand Dollar began trading at around 1.9724 to the British Pound last Monday and around 1.2678 against the US Dollar. The Kiwi strengthened against both currencies to end the week at 1.9505 to the Pound and 1.2435 to Dollar. The Kiwi opened weaker this morning on Australian news at 1.9643 to the Pound and 1.2508 to the US Dollar.
The Kiwi has strengthened last week against all of its major trading partners as the prospect of an improved US economy will have long term positive effects. The US Fed is preparing its Monetary Policy review statement where it could announce the unwinding of the current stimulus program. Thursday will likely see the Kiwi take a new direction once the Fed has made their views known to the public.
The minutes of the Australian Reserve Bank meeting has been released today and shows signs of future weakening in the Aussie. With the Kiwi and Aussie being so closely linked; the Kiwi will remain highly sensitive to any movements in the Aussie.
On the local front, the New Zealand’s first quarter balance of payments figures will be released tomorrow. This could have a negative affect if the current account deficit widens.
Composed by Elizabeth Britz
Exchange rates as of 08:17, 18 June 2013
GBP / NZD: 1.9669
EUR / NZD : 1.6733
USD / NZD : 1.2554
AUD / NZD : 1.1888
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.