Whatever your reason for needing to move money abroad, you want to be sure you’re getting the best deal possible on your currency transfer. Conducting your transfer at a poor exchange rate could leave you thousands worse off, so taking the time to look into the different options available can be really worthwhile.
It’s also important to track the latest currency news if you want to take advantage of positive market movements.
Keep reading to discover what impact this week’s news has had on Australian Dollar exchange rates…
So, what difference have we seen in New Zealand Dollar exchange rates this week?
British Pound to New Zealand Dollar (GBP/NZD)
Opened the week at NZ$1.79
Closed the week at NZ$1.78
Difference of -1 cent per Pound – You’d get NZ$1 less for every £100 you moved overseas.
US Dollar to New Zealand Dollar (USD/NZD)
Opened the week at NZ$1.42
Closed the week at NZ$1.43
Difference of +1 cent per US Dollar – You’d get NZ$1 more for every $100 you moved overseas.
Euro to New Zealand Dollar (EUR/NZD)
Opened the week at NZ$1.52
Closed the week at NZ$1.52
The difference exchanging Euros into New Zealand Dollars at the beginning of the week and doing so at the end of the week is just a few cents per €100.
Australian Dollar to New Zealand Dollar (AUD/NZD)
Opened the week at NZ$1.08
Closed the week at NZ$1.08
The difference exchanging Australian Dollars into New Zealand Dollars at the beginning of the week and doing so at the end of the week is just a few cents per A$100.
What Will the New Zealand Dollar do Next Week?
If you’re going to need to move money abroad in the near future it pays to stay on top of the latest currency news.
Unexpectedly hawkish Federal Reserve meeting minutes suggested that policymakers are likely to pursue a more aggressive pace of monetary tightening than previously thought, leaving the NZD on a weaker footing. But what news should you be looking out for next week?
Here are the 3 main events likely to impact NZD next week and a brief forecast for what the currency might do next.
- NAB Business Confidence Index – Higher confidence could bode well for the wider economy, boosting the ‘Kiwi’
- NZ Manufacturing PMI – Strong growth within the manufacturing sector could improve sentiment towards the New Zealand Dollar
- Chinese Inflation – Rising inflation in China would boost commodity prices and market risk appetite, to the benefit of NZD rates
New Zealand Dollar Forecast:
Risk appetite will continue to influence the ‘Kiwi’ this week, with any further loss of confidence in the Trump administration likely to undermine the appeal of higher-yielding assets in favour of safe-havens such as the US Dollar.
Even so, if the New Zealand economy continues to demonstrate robustness with stronger business confidence and manufacturing growth then NZD exchange rates could find a rallying point.