Aus Dollar to NZ Dollar (AUD/NZD) Exchange Rate Firms in Currency Exchange Markets

August 15, 2014 - Written by Frank Davies

STORY LINK Aus Dollar to NZ Dollar (AUD/NZD) Exchange Rate Firms in Currency Exchange Markets

Currency News UK - The Australian Dollar to New Zealand Dollar exchange rate (AUD NZD) is currently trading at 1.09877 today. The Australian Dollar has reached popularity this week, following the Westpac Consumer Confidence figures released this week; whilst the New Zealand Dollar has risen from upbeat Retail Sales statistics.

The ‘Aussie’ has steadily risen against the ‘Kiwi’ in the latter week with the exchange rate moving sideways today with no data publishing due from either Australia or New Zealand.

The latest AUD forex rates are presented below:

The Australian Dollar to Euro exchange rate is 0.69553 AUD/EUR.
The Aus Dollar to Pound Sterling exchange rate is 0.55841 AUD/GBP.
The Aussie Dollar to Dollar exchange rate is 0.93204 AUD/USD.

New Zealand Retail Sales Jump Higher than Economists’ Forecast

Wednesday saw a positive day for the New Zealand Dollar as the New Zealand Retail Sales figures bypassed forecasts of only 1.0%, instead reaching 1.2%. Expert in the field Neil Kelly commented: ‘The motor-vehicle and parts retailing industry has driven this quarter’s increase in both sales volumes and values, recording their largest increase in two years.’ The New Zealand Sales figures show a rise of 3.8% from June 2013.

US Produces Poor Figures which Enhance ‘Aussie’ and ‘Kiwi’

The US however has aided both the Australian Dollar and the New Zealand Dollar’s popularity in the currency market with unemployment figures reaching higher than expected levels. The ‘Aussie’ has remained within the 93 US cents region, and could potentially remain there over the coming days; this however remains dependent on the outcome for the US figures due for publication today. Currency expert Ricky Liu commented: ‘The Australian Dollar is retesting 93.20 US cents and holding relatively steady around that area.’

Australian Consumer Confidence Boosts ‘Aussie’ in the Currency Market

The Australian Dollar, for the latter half of this week, has remained buoyant following the positive Consumer Confidence data which jumped much higher than expected to 98.5 in August. This comes as a welcome advance from July’s 94.9 index points which indicates consumer sentiment is increasing. Westpac representative Sean Callow stated: ‘The rise in the Westpac Consumer Sentiment Survey was fairly well received, particularly given that it came a day after the rise in business sentiment. There are signs of growing confidence which supported the “Aussie” Dollar a bit.’

Australian Dollar and New Zealand Dollar Currency Market Forecast

New Zealand will publish their Performance of Services Index on Sunday, which could enhance the ‘Kiwi’ further in the currency market against other majors. However, Tuesday will prove highly influential for the New Zealand Dollar with the Reserve Bank of New Zealand announcing their Two Year Inflation Expectation. Australia however will see the publication of their Weekly Consumer Confidence figures and the Reserve Bank of Australia’s (RBA) release of August’s Meeting Minutes. Forex specialist David de Ferranti commented: ‘Looking to the week ahead, the RBA’s August meeting minutes and the HSBC China flash manufacturing PMI data are the most noteworthy pieces of event risk for Australian Dollar.’

The position of the Australian Dollar and the New Zealand Dollar in the currency market are highly dependent on US figures today, as the US Dollar has dominated the currency market of late. The US is set to publish Producer Price Index figures, alongside Industrial Production, Manufacturing Production and the University of Michigan Confidence statistics. Ferranti commented: ‘However, based on recent guidance from US Federal Reserve officials, the leading indicators are unlikely to materially alter policy preferences, which could see a muted impact on the US Dollar.’

With such influential data releases for the US market this afternoon, the fate of the ‘Aussie’ and ‘Kiwi’s’ strength in the currency market hang in the balance. At the present time the Australian Dollar is trading against the US dollar at 0.9322 whilst the New Zealand Dollar is trending at 0.8492 versus the ‘Buck’.

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