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Weekly Roundup: Weaker New Zealand growth drives New Zealand dollar lower

currency-newsWeekly Roundup: Weaker New Zealand growth drives New Zealand dollar lower
As the first quarter New Zealand gross domestic product data undershot market expectations this prompted NZD exchange rates to trend lower across the board.

While forecasts had pointed towards an easing in growth on the year the slump from 1.9% to 1.5% proved significant discouragement for investors.

With the chances of an imminent Reserve Bank of New Zealand (RBNZ) interest rate cut continuing to increase the New Zealand dollar may struggle to recover its lost ground.

Unless March’s New Zealand trade data shows a strong improvement on the month NZD exchange rates look set to remain under pressure.

Demand for the Australian dollar, meanwhile, improved in response to last week’s stronger-than-expected Chinese growth data.

As the Australian unemployment rate picked up from 4.9% to 5.0%, though, this limited the potential of AUD exchange rates.

If the first quarter Australian consumer price index eases as forecast the Australian dollar could falter, driven lower by increasing bets on the prospect of a Reserve Bank of Australia (RBA) rate cut.
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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