The New Zealand dollar has trimmed gains this week against the US dollar, after speculation that Chinese demand will drive commodity prices higher increased appetite for the higher yielding currencies. New Zealand currency rates rose 0.5% this morning against the US dollar and 0.6% against the yen.
Chinese equities have posted their largest gain in six months after the government announced it would lift the limits on purchasing foreign reserves, easing concerns over a freeze on lending. The Shanghai Composite index rose 0.5% in early trading this morning, following on from a 4.8% gain yesterday. Currency rates from Australian to South Africa and Mexico rose following the news.
Currency rates for the New Zealand dollar are currently at GBP0.4175 and USD0.6825.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.