New Zealand Dollar Rates: NZD/GBP, NZD/EUR, NZD/AUD Advance Despite Kiwi Trade Ecostats

Published: 20 Oct 2017 21:24 Forex

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New Zealand Dollar Exchange Rate Outlook: NZ Trade Surplus Narrower-than-Forecast

The NZ Dollar exchange rate managed to climb higher against a host of other major peers despite rather disappointing trade data emerging. The New Zealand economy now has the largest 12-month trade deficit recorded in the past six years after the economy took a hit from falling dairy prices and a slowdown in demand from one of its largest trading partners, China. April’s year-end trade deficit hit $2.6bn and registered the largest gap since 2009.

Statistics expert Jason Attewell commented: ‘The value of whole milk powder we sent to China in April 2015 was a fifth of the April 2014 value. Volumes were a third of what they were in April 2014, and lower prices made up the rest of the fall in value.’

A quick foreign exchange market summary before we bring you the rest of the report:

On Friday the to British Pound exchange rate (EUR.GBP/GBP) converts at INF

The live inter-bank GBP-EUR.GBP spot rate is quoted as 0 today.

The live inter-bank GBP-USD spot rate is quoted as 1.262 today.

Please note: the FX rates above, updated 29th Mar 2024, will have a commission applied by your typical high street bank. Currency brokers specialise in these type of foreign currency transactions and can save you up to 5% on international payments compared to the banks.

Australian Confidence Declines, Australian Dollar Exchange Rate (AUD) Pressured Lower

The month of April saw the favourable 754M trade surplus witnessed in March, shrink to only 123M, still slightly higher than the 98M expectation. Meanwhile, the Australian Weekly Consumer Confidence Index also recorded a decline in the week through May 24th, coming in at 113.5 from the previous 114.6 reading. The ‘Aussie’ exchange rate has weakened after upbeat US data last week caused the US Dollar to surge. Furthermore, the Australian Dollar may not be offered much opportunity to reclaim losses with little domestic data of influence due out this week.

Strategist Dan Been commented: ‘Now that the Fed has signalled it’s still open to raising rates this year and the fact inflation numbers are starting to reflect some strength we saw late last year is supporting the US Dollar. With little local data out this week, it’ll likely keep pressure on the ‘Aussie’ Dollar.’

EUR/NZD Exchange Rate Feels the Pressure as Greek Uncertainty Weighs

Meanwhile, the Euro has been under fire this week with many majors climbing against it considerably as Greek uncertainty continues to cloud the market. The common currency exchange rate is unlikely to get a break in the near future as investors speculate that without a deal this week, Greece may not be able to make its next IMF repayment in June. The government is already quite far behind on payments to staff such as doctors etc as it attempts to pay its debt to creditors while securing a long-term deal. However, no such agreement has been made and many industry experts are now suggesting that the possibility of the nation leaving the currency bloc is heightening.

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The Pound is in for a quiet start to the week by way of domestic data with few releases of note. However, investors are preparing for an exciting day of trading on Thursday when the UK is scheduled to release its GDP data.

Any rise in UK growth could swing the markets in favour of the British currency.

Meanwhile, central bank statements could cause market fluctuations as the week progresses.

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