The Australian Dollar to New Zealand Dollar (AUD/NZD) exchange rate has risen slightly today, although in other pairings the ‘Aussie’ (AUD) has generally declined or remained static. The ‘Kiwi’ (NZD) has charted a similar course against the competition.
The Australian Dollar (AUD) has made losses of -0.9% against the Canadian Dollar (AUD/CAD) and trended narrowly against the Chinese Yuan (AUD/CNY) and the US Dollar (AUD/USD) today, but has also recorded gains of 0.2% against the New Zealand Dollar (AUD/NZD) and 0.5% against Pound Sterling (AUD/GBP).
Mining giant BHP Billiton has given the statement that no recovery in the price of iron ore is likely for the next 3 years, while elsewhere Business Insider Australia have flagged up a number of overall factors that could affect the value of the ‘Aussie’ in the present year.
Chief among these has been the assertion that growth is going to be negatively impacted by reduced resource investment, as well as the forecast that the services sector may not be able to pick up all of the slack created by the implosion of the national mining industry.
The New Zealand Dollar (NZD) has been devalued considerably of late, having been laid low by the GlobalDairyTrade auction which saw a reduction in the price of milk. This recent blow even decreased the positive effect of the Business NZ Performance of Manufacturing Index for December, which rose from 54.9 points to 56.7.
The New Zealand Dollar has declined by -0.4% against the Australian Dollar (NZD/AUD) and -1.1% against the Canadian Dollar (NZD/CAD) today, although a gain of 0.4% has also been recorded against the Euro (NZD/EUR).
With no high impact economic announcements due from either Australia or New Zealand for the remainder of the week, major movement in the pairing is unlikely to occur until the coming week.
On Australia’s side, the Q4 Consumer Prices Index is scheduled for release on Wednesday, while New Zealand’s Performance of Services Index for December on Monday night will provide the first ‘Kiwi’ movement of the week.
The Australian Dollar to New Zealand Dollar (AUD/NZD) exchange rate was trending in the region of 1.0768 and the New Zealand Dollar to Australian Dollar (NZD/AUD) exchange rate was trending in the region of 0.9292 today.
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