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New Zealand Dollar to Euro (NZD-EUR) Exchange Rate Remains around Lowest Point in the Year as Dairy Continues to Dive

Published: 21 Sep at 1 PM Tags: Euro Exchange Rate, Dollar Exchange Rate, New Zealand Dollar Exchange Rate, Currency Exchange, Swiss Franc Exchange Rate, Euro Crisis, Economy, France,

Confidence in ‘Kiwi’ has Plummeted Today as Relevant New Zealand News is Overwhelmingly Negative

The New Zealand Dollar has fallen against the Euro (NZD-EUR) today and has posted in the negative against all other rivals. The ‘Kiwi’ has seen a figure of 0.5634 in the current conversion rate, a results that remains close to the worst rate the New Zealand Currency has seen in the pairing since the start of the year; this record low was reached on Thursday last week despite the Federal Open Market Committee (FOMC) voting to hold the US interest rate at 0.25% on that day.

The ‘Kiwi’ has been hit on all sides by detrimental economic releases and news as of late; the Westpac Q3 Consumer Confidence score fell from 113 points to 106 on Sunday, the price of milk has failed to rise above the region of $16.00 since prices plummeted at the end of 2014, and the recent migration figures showing a 60,000 person increase have sparked fears that the New Zealand unemployment rate will approach 7%. The confidence score has been particularly harmful to support for the ‘Kiwi’, given that the result of 106 was the lowest printing in 3 years.

In terms of migration, the ASB Bank Chief Economist Nick Tuffley has said that ‘We’re at that point where jobs growth is probably going to be a little slower than what that migration flow is. The economy has been losing a bit of momentum and jobs growth [has been] a bit slower so we do expect the unemployment rate to edge up’.

On the plus side to all this negativity, annual Credit Card Spending in New Zealand in August rose from 9.8% to 10.5% today.

New Zealand’s Trade Balances this Week may Add Insult to Injury for the NZD-EUR Pairing

The New Zealand Dollar does not have a particularly bright week ahead of it, unless something unexpectedly beneficial for the country’s milk production and exportation springs up. The only remaining ‘Kiwi’-centric results are due for delivery late on Wednesday with the release of the New Zealand Trade Balance figures for August and the nation’s Export and Import statistics for the same month. Unfortunately for the beleaguered antipodean currency, expectations are for widening deficits in the balance results and reductions in the numbers of both importation and exportation.

On the other hand, in addition to having relevant economic releases spread throughout the week, the Euro also has its largest set of results due on Wednesday in the form of a number of PMIs from France, Germany and the Eurozone as a whole. Expectations have been mixed, although compared to the New Zealand forecasts, predictions are generally more positive for the common currency.