NZD sell-off continues amid lack of support for the currency

The sell-off of the New Zealand Dollar is continuing this week, as the currency hits multi-month lows against a number of major currency pairs.

Those of our readers following the currency will be aware that even though the Australian Dollar is under pressure at the moment in the grand scheme of things, it’s still outperforming NZD with the NZD to AUD rate currently trading close to a 2-month low.

The US Dollar is also trading at over a four-month high against the Kiwi, and the Pound is trading close to its best levels versus the Kiwi since back in June.

Reasons for the NZD weakness are being attributed to the currency losing its status as one of the highest yielding major currencies on offer. With the Fed Reserve Bank in the US now tightening monetary policy and increasing interest rates at the fastest rate in the developed world, it’s becoming a more popular currency to hold funds in which is one of the reasons the Dollar is strengthening so much at the moment.

This evening there is a raft of economic data out of New Zealand with the Unemployment Rate and Employment Change perhaps being the most significant.

If you would like to be notified in the event of a major move for the Kiwi, do feel free to get in touch to register your interest.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.