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New Zealand Dollar trading higher than its Australian counterpart

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Daily Currency Report FX Compared

Australian Dollar

Ongoing speculation regarding the prospect of the Reserve Bank of Australia slashing rates left the ‘Aussie’ weaker against its New Zealand counterpart at the end of Australasian trading. With a Reserve Bank official stating his preference for a weaker currency, the Australian Dollar touched a low of NZ$1.1255. However, the South Pacific asset is still heading for a 2.2 per cent five-day gain against the ‘Greenback’.

Pound Sterling

Although the Pound softened against the Euro yesterday in the wake of disappointing UK retail sales data, the British asset was headed for its third five-day gain against the US Dollar as the European session opened. If today’s public finance report shows that the UK deficit narrowed in August, as economists expect, Sterling could post additional gains before the close of trade.

US Dollar

As the week comes to a close the US Dollar remains on the back foot after posting broad based declines in the wake of the Federal Reserve shock decision to refrain from tapering stimulus. An absence of significant US data may limit additional movement, but as it stands the ‘Greenback’ is close to a seven-month low against the Euro and eight-month low against the Pound.

The Euro

With today’s Eurozone consumer confidence index forecast to show sentiment at its best level for over two years, the Euro was trading in the region of a seven-month high against the US Dollar and a four-year high against the Yen. The common currency also retained yesterday’s gains against the Pound ahead of the release of UK public finances data.

New Zealand Dollar

Strong domestic growth data, Fed developments and a 6.6 per cent gain in New Zealand’s credit card spending helped the ‘Kiwi’ consolidate gains and close the local session close to a four-month high against its US rival. Economists have forecast that RBA rate cut concerns will see the New Zealand Dollar extend gains on the ‘Aussie’ in the short to medium term.

Canadian Dollar

Although the Canadian Dollar hit a three-month high against the ‘Greenback’ in the aftermath of the Federal Reserve’s unexpected announcement, the ‘Loonie’ dipped on bets that the rally had been overdone. Today’s domestic inflation figures could inspire further movement in the commodity-driven currency before the weekend.

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