Posted on
13th November 2015, by
Moneycorp Dealer Team, moneycorp
Among the major currencies the winners were the US dollar and the British pound, with the Australian dollar not far behind. The NZ dollar was among the back-markers, alongside the Canadian dollar and the euro. The specific link between the three leaders was strong national employment data. There was no common factor to connect the laggards: In the Kiwi's case it was a combination of lower commodity prices and adverse comparison with its closest competitor.
For the second week running positive news from Australia - this time far stronger-than-expected employment data - led investors to believe there is much more chance of a cut in NZ interest rates than of a cut in Aussie rates.
So after a week of mostly steady decline the NZ dollar found itself with a loss of two thirds of a US cent and down by two and a third cents against sterling. In both cases the damage was equivalent to 1%.