New Zealand dollar takes leap
The Reserve Bank of New Zealand's monetary policy statement has been met with a rise to the Kiwi dollar and interest rates.
The rise in the New Zealand dollar has been coupled with a rise in wholesale interest rates that were spurred by the Reserve Bank of New Zealand's monetary policy. The core benefitting factor for the monetary increase depended on the US dollar weakening while investors waited on an auction of 30-year US Treasuries.
Even though the New Zealand dollar portrayed a pleasant rise, it is possible that it could delay economic recovery further. The economy will most likely take a hit if the New Zealand dollar increases because it will reduce returns to exporters.
The New Zealand dollar is currently being exchanged at a rate of 0.64156 against the US dollar and 2.5673 versus the pound.
Click here for the best foreign exchange rates.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.