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Weekly roundup: RBNZ message supports New Zealand dollar

currency-newsWeekly roundup: RBNZ message supports New Zealand dollar
The Reserve Bank of New Zealand’s decision to express some confidence in the resilience of the New Zealand economy gave NZD exchange rates a sharp boost.
 
Investors bet that the RBNZ may not cut interest rates again in the months ahead, provided that economic data continues to encourage confidence.
 
As October’s business PMI unexpectedly remained in expansion territory, failing to fall to 46.6 as forecast, this further bolstered the appeal of the New Zealand dollar.
 
Growing demand for risk-sensitive assets helped to lift the Australian dollar, meanwhile, as markets rallied in response to the Covid-19 vaccine news.
 
Support for the Australian dollar could strengthen further on Wednesday if October’s Westpac leading index points towards improved momentum within the economy.
 
On the other hand, AUD exchange rates look vulnerable to selling pressure should the unemployment rate jump as anticipated at the start of the third quarter.
 
However, as long as market risk appetite remains elevated, the downside potential of the New Zealand dollar may prove limited.
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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