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Weekly Roundup: New Zealand dollar loses ground as NZ economy continues to show signs of weakness

currency-newsWeekly Roundup: New Zealand dollar loses ground as NZ economy continues to show signs of weakness
While market risk appetite picked up on news that China will lower its tariffs on US car imports the New Zealand dollar came under fresh pressure as domestic data continued to show signs of weakness.

As November’s ANZ truckometer contracted -1.9% on the month, pointing towards an easing in economic activity, this dented NZD exchange rates.

Investors were further discouraged when the latest food price index showed another month of contraction, highlighting the weakness of domestic inflationary pressure.

If the third quarter New Zealand gross domestic product eases as forecast this could see NZD exchange rates extending their losses further this week.

Australian consumer indexes continued to weaken, meanwhile, as the economy showed fresh signs of sluggishness.

A decline in Chinese industrial production also dampened the mood towards commodity-correlated currencies ahead of the weekend.

Thursday’s Australian employment data could offer AUD exchange rates a boost, however, if the labour market shows fresh signs of tightening.
 
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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