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Weekly roundup: Resilient trade and consumer confidence boost New Zealand dollar

currency-newsWeekly roundup: Resilient trade and consumer confidence boost New Zealand dollar
Solid New Zealand trade data and a better-than-expected ANZ consumer confidence index offered support to the New Zealand dollar.

While consumer sentiment remained in negative territory, this still offered evidence that the New Zealand economy is starting to recover from the impact of the Covid-19 crisis.

As the first quarter private capital expenditure index showed a smaller contraction than anticipated, this put a floor under the Australian dollar.

Although growing tensions between the US and China threaten to disrupt the potential for the global economy to recover in the second half of the year, this was not enough to keep AUD and NZD exchange rates down for long.

Fresh volatility is still likely in store for the Australian dollar this week, though, on the back of the Reserve Bank of Australia’s (RBA) latest policy meeting.

Any fresh signs of dovishness from RBA policymakers could put a dampener on AUD exchange rates, even though no change in interest rates looks likely soon.

A sharper contraction in the first quarter Australian gross domestic product reading may also drag on the Australian dollar this week.
Currencies Direct

Currencies Direct

Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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