New Zealand Dollar (NZD) Uptrends Sharply against GBP and INR Today
GBP to NZD Conversion Rate Forecast: Budget Could Help NZ Dollar Climb Today
Today's British Pound to New Zealand Dollar exchange rate was left trending in a narrow range ahead of George Osborne’s budget statement.
The GBP to NZD conversion was holding in the region of 2.2995 but could plummet in the hours ahead if Osborne delivers a dovish budget statement.
If Osborne indicates that the UK is about to introduce a number of potentially growth-damaging austerity measures the Pound is likely to tumble across the board.
A quick foreign exchange market summary before we bring you the rest of the report:
On Tuesday the Pound to British Pound exchange rate (GBP/GBP) converts at 1
The GBP to GBP exchange rate converts at 1 today.
The live inter-bank GBP-AUD spot rate is quoted as 1.94 today.
At time of writing the pound to us dollar exchange rate is quoted at 1.242.
NB: the forex rates mentioned above, revised as of 16th Apr 2024, are inter-bank prices that will require a margin from your bank. Foreign exchange brokers can save up to 5% on international payments in comparison to the banks.
The New Zealand Dollar exchange rates performed particularly well, advancing against most of its major rivals on the back of a current rally.
The NZD exchange rate uptrend observed today is thought to have come from the current weakness seen for the US Dollar, which was in response to detrimental domestic data.
The most recent New Zealand data has been Sunday’s news that Visitor Arrivals rose by 8.9% on the year in October.
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The New Zealand Dollar is likely to be moved by tomorrow night’s Trade Balance data for October, along with the Import and Export figures for that month.
Pound Sterling (GBP) Slides against New Zealand Dollar (NZD) and Peers Today Following BoE Testimonies
The Pound Sterling has fallen across the board today, having primarily been damaged in its exchange rate performance by the answers given by Bank of England (BoE) officials during a Treasury Select Committee Hearing.
Among the statements made by BoE Governor Mark Carney and Chief Economist Andy Haldane, Haldane mentioned replacing cash with digital currency, something that Carney quickly assured MPs was merely a hypothesis at the present stage.
In addition, Carney admitted that central banks were under an increasing amount of pressure from their nation’s governing bodies.
The next UK economic publication will come tomorrow with the release of the BBA Loans for House Purchases figures for October.
The Pound Sterling has declined to 2.3082 against the New Zealand Dollar today.
USD-NZD Exchange Rate Declines on Weak Domestic Data for the US Today
The US Dollar has trended narrowly against many of its competitors for most of the day; this has been to overlapping periods of negative results affecting the ‘Greenback’ yesterday and today.
Yesterday, the USD exchange rates dipped in value when the surprise Fed meeting turned out to be lacklustre in the extreme; today has seen the US Dollar remain down on worse-than-expected Personal Consumption figures for the third quarter.
The US Dollar is likely to be affected by November Mortgage Application figures and Durable Goods Orders for October tomorrow.
The US Dollar has fallen to 1.5314 against the New Zealand Dollar today while the New Zealand Dollar has reached a high of 0.6538 against the US Dollar today.
Rupee to NZ Dollar (INR/NZD) Exchange Rate Makes No Progress Today as Rising Oil Price Devalues the Rupee
The Indian Rupee has been on a level plane so far today, mainly due to a lack of domestic data being available and the rising price of crude oil per barrel preventing anything resembling a Rupee rally.
The first (and only) pieces of Indian data this week will come on Friday with the release of the nation’s Deposit Growth, Foreign Reserves and Bank Loan Growth figures for mid-November.
The Indian Rupee has slumped to 0.0230 against the New Zealand Dollar today, while the New Zealand Dollar has claimed a victory of 43.3503 against the Indian Rupee.