New Zealand Dollar Down vs. Yen, Up vs. Euro
The Australian dollar fell against the Japanese yen and experienced the volatility versus the U.S. currency today on the concerns for the global economic growth; the kiwi outperformed the euro as the New Zealand economy might be in a better shape than Europe’s one.
Bill English, the Minister of Finance of New Zealand, voiced hope that the nation’s budget would return to the surplus before 2016 as New Zealand shows fiscal discipline. The budget deficit already reported to be less than previously estimated by the experts. The currency was also bolstered by the forecast that the report would show the increase of the consumer prices.
The economists expect that the annual inflation would post a value of 1.9 percent, in line with the central bank’s target of one to three percent average annual inflation in the medium term. The investors bet that the Reserve Bank of New Zealand would raise the interest rates by 130 basis points.
NZD/USD traded at 0.7106 as of 20:12 GMT today after it opened at 0.7105. EUR/NZD traded at about 1.7714 down from the opening price of 1.7776. NZD/JPY traded near 62.96.
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Earlier News About the New Zealand Dollar:
- New Zealand Dollar Drops After Yesterday's Surge (2010-06-24)
- New Zealand Dollar Profits from Stronger Yuan (2010-06-21)
- Strong New Zealand Dollar Makes Alan Bollard Unhappy (2010-06-14)
- New Zealand Dollar Rises with Interest Rates (2010-06-10)
- NZ Dollar Rises on Speculations About Increasing Rates (2010-06-08)