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Weekly roundup: Stronger NZ exports encouraged New Zealand dollar exchange rate recovery

currency-newsWeekly roundup: Stronger NZ exports encouraged New Zealand dollar exchange rate recovery
Evidence of an uptick in New Zealand export volumes offered support to the New Zealand dollar, in spite of a surprise widening of the overall trade deficit in September.

With exports holding up in the face of increased global trade tensions confidence in the outlook of the New Zealand economy improved.

This helped to limit bets that the Reserve Bank of New Zealand (RBNZ) could cut interest rates in the near future, benefitting NZD exchange rates.

However, as the general sense of market risk aversion picked up this left both the New Zealand dollar and Australian dollar on a weaker footing at the start of the new week.

Any dip in Australia’s third quarter inflation rate may put additional pressure on AUD exchange rates on Wednesday.

Focus will also fall on September’s Australian trade data, with forecasts pointing towards a widening of the trade surplus on the month which could give the Australian dollar a boost.

As long as geopolitical risks dominate the market outlook the mood towards the New Zealand dollar is unlikely to improve, meanwhile.
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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