The New Zealand Dollar softened Tuesday even after the latest jobs figures showed the labour market in rude health during the second quarter, with markets overlooking the data in light of an immiment interest rate decision from the Reserve Bank of New Zealand (RBNZ).
The New Zealand Dollar entered the new week on its back foot Monday as commodity currencies followed the Chinese Renmimbi lower, although analysts at HSBC and Commonwealth Bank of Australia (CBA) have warned there are more losses in store for the Kiwi unit in the months ahead.
The New Zealand Dollar was riding high near to the top of the G10 league table Thursday but the Kiwi currency is now being tipped as a sell at Westpac and is also forecast to fall by Commonwealth Bank of Australia (CBA), both of whom are warning that the Antipodean unit will suffer losses next week.
The New Zealand Dollar (Kiwi) is the worst performing G10 currency versus the Pound on Wednesday, down -0.44% versus GBP, after New Zealand’s premier bank ANZ published a survey which showed business confidence at rock bottom in July.
The Pound is set to extent its nascent recovery against the Kiwi Dollar as the Reserve Bank of New Zealand (RBNZ) cuts its interest rate faster than the market expects later this year, according to analysts at Westpac, who've told corporate clients to buy the exchange rate.
The New Zealand Dollar was softer Tuesday after the Reserve Bank of New Zealand (RBNZ) was reported to be contemplating how it would implement "uncoventional" monetary policy measures such as quantitative easing, at the beginning of an important week for currency markets.