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Weekly Roundup: Surprise lack of RBNZ action prompts New Zealand dollar gains

currency-newsWeekly Roundup: Surprise lack of RBNZ action prompts New Zealand dollar gains
The Reserve Bank of New Zealand (RBNZ) caught markets off guard with its decision to leave interest rates on hold at its November meeting, offering the New Zealand dollar a sharp boost.

As investors had anticipated a fresh 25bpt rate cut the move saw NZD exchange rates trending higher across the board on Wednesday.

Worries over the outlook of the New Zealand economy eased further ahead of the weekend as October’s manufacturing PMI saw a surprise return to expansion territory.

Support for the Australian dollar, meanwhile, proved relatively limited thanks to an uptick in October’s Australian unemployment rate.

Increasing anxiety over a lack of progress on US-China trade could see both the Australian and New Zealand dollars come under renewed pressure in the days ahead.

Evidence of policymaker optimism in the Reserve Bank of Australia’s (RBA) latest set of meeting minutes could see AUD exchange rates rally, however.

In the absence of any fresh New Zealand data, though, the New Zealand dollar looks set to fall out of favour.
 
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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