Yesterday’s high: NZ$1.9028
Yesterday’s low: NZ$1.8935
Kiwi Weakened by Sharp Fall in Dairy Prices
The New Zealand Dollar tumbled against the majority of its peers yesterday afternoon as prices fell sharply at the latest global dairy auction.
With dairy products accounting for around 20% of New Zealand’s exports, the 3.5% drop in prices was major blow for the ‘Kiwi’.
However, the Pound’s advance against the New Zealand Dollar slowed on Tuesday as Sterling was undermined by the British Retail Consortium’s latest retail figures, which revealed that year-on-year sales slowed significantly in October.
NZD Outlook: RBNZ to Leave Rates on Hold?
Looking ahead, the GBP NZD exchange rate may see some movement later this evening as the Reserve Bank of New Zealand (RBNZ) holds its latest policy meeting.
With the Bank widely expected to leave interest rates on hold at 1.75%, any movement in the New Zealand Dollar will likely to driven by the RBNZ’s monetary policy outlook, with signals that rates are likely to remain unchanged for the foreseeable future likely to weigh on the ‘Kiwi’.
Meanwhile, the Pound may rally later in the week with the release of the UK’s latest trade figures as economists forecast that Britain’s trade deficit shrunk in September.
21:00 NZ RBNZ Rate Decision Nov
09:30 UK Trade Balance Sep
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