The New Zealand dollar rose to the highest level since early January 2009 today, backed by the support from the continuously growing emerging and developed stock markets.
The kiwi (as the NZD is often called by the Forex traders) also rose against the Australian dollar, which advanced against the «safe haven» currencies too. The New Zealand dollar rose to the 5-month high level against the Japanese yen. The traders are now more confident in the stable interest rate position rather than its reduction for the future monetary policy meetings of the Australian and New Zealand reserve banks.
Currency analysts believe that both the Australian and New Zealand dollars may continue their gaining rally at least until May if the benchmark rates are left unchanged and the stock markets continue to grow with the current optimism. The cut of the rates will pose a serious obstacle for the appreciation of these high-yielding currencies.
NZD/USD rose from 0.5878 to 0.5914 as of 8:05 GMT today with the daily high at 0.5977 — the highest level since January 7. NZD/JPY went up from 58.92 to 59.83, while AUD/NZD declined from 1.2168 to 1.2094 reaching the daily low at 1.2027 — the record minimum since January 14.
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