NZ Dollar Exchange Rates & Forecasts: GBP, EUR, USD, AUD To NZD Mixed Results On Markets

Published: 20 Oct 2017 21:23 Forex

nz dollar exchange rates

The New Zealand Dollar (NZD) recorded gains on Tuesday vs Pound (GBP), Euro (EUR), US Dollar (USD) and Aus Dollar (AUD) after positive Chinese data bolstered the commodity currency.

Furthermore, both the NZ Dollar and the Australian Dollar advanced on the prospect of later than previously forecast US interest rate hikes due to slowing global growth.

What do the latest forex markets show for the key global currencies today? (revised 22/10/2014)

The Pound to New Zealand Dollar exchange rate converts -0.05 per cent lower at 1 GBP is 2.02117 NZD.

The Euro to New Zealand Dollar exchange rate today is converting -0.19 per cent lower at 1.59267 EUR/NZD.

The US to New Zealand Dollar conversion rate is +0.34 pct higher at 1.25942 USD/NZD.

The Canadian Dollar to New Zealand Dollar exchange rate converts +0.25 per cent higher at 1 CAD is 1.12052 NZD.

The Aus Dollar to NZ Dollar rate today converts +0.51 per cent higher at 1 AUD is 1.10609 NZD.

Note: these are inter-bank forex rates to which margins are applied when transferring euros or pounds abroad - speak to a recommended FX provider to lock in the best foreign exchange rates.

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New Zealand Dollar to Pound Rate Today: NZD/GBP

The NZ Dollar has made advances against Sterling not only from Chinese data, but also from Monday’s Bank of England (BoE) delay in payments.

The central bank faced criticism after some 143,000 payments were delayed by up to nine hours.

The incident has been dubbed the worst since 2007 when settlement payments were on hold for six hours.

Finance expert Simone Giansante commented that this event could be a ‘wake-up call to update the IT infrastructure.’

However, the New Zealand Dollar (NXZD) enjoyed gains largely as a result of Chinese Industrial Production figures, which rose by 8.0% on the year in September.

Initially economists had forecast only a 7.5% figure in September following August’s 6.9% increase.

Chinese Gross Domestic Product statistics also beat economists’ forecasts; however, many have been disappointed at the growth.

On an annual basis the Chinese economy expanded by 7.3% in the third quarter, more than the expected 7.2% but less than the second quarter’s 7.5%.

Moreover, the Pound Sterling (GBP) is likely to continue its bearish nature for the rest of the day as UK Public Finance figures grew from 1.9B to 17.7B in September.

The figure shows a worsening in government spending with UK consumers unable to manage spending.

New Zealand Dollar to Euro Exchange Rate Forecast

Eurozone data is thin on the ground on Tuesday and therefore Euro movement will be largely dependent on global developments.

However, Monday saw the European Central Bank (ECB) begin purchasing covered bonds in an effort to encourage growth in the 18-nation economy.

The central bank is scheduled to begin the acquisition of asset backed purchases later in 2014, and recently slashed its interest rate to near zero - a historical low.

Thursday will be a more influential day for the NZD to EUR with the release of German, French and Eurozone Purchasing Manager’s Indexes.

The AUD and the NZD were both offered Chinese support on Tuesday; however, the Reserve bank of Australia (RBA) meeting minutes were also published.

The minutes confirmed that Australia’s benchmark interest rate would be staying at its present 2.5% for some time.

The report stated: ‘Given the information available, the board’s judgement was that the current stance of monetary policy continued to be appropriate for fostering sustainable growth in demand and inflation outcomes consistent with the target over the period ahead.’

NZ Dollar vs Aus Dollar Rate Forecast: NZD/AUD

New Zealand data showed that domestic Credit Card Spending increased by 0.2% on the month in September, pushing the yearly figure to 4.4% from 4.2%.

Tuesday evening will see Reserve Bank of New Zealand (RBNZ) Deputy Governor Grant Spencer speak, which could cause NZD movement.

A hawkish central banker could help the New Zealand commodity currency advance higher.

The Aus Dollar (AUD) may enjoy gains after Reserve Bank of Australia policymaker Philip Lowe spoke on Tuesday and suggested that low global interest rates could continue.

After the RBA cut their rates to 2.5% last year in an attempt to encourage business spending and job creation, Australia is now seeing high levels of investment in the property market - an issue of concern to many economists.

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