The New Zealand dollar is one of the world’s major currencies, though news about it is sometimes overshadowed by news from its larger neighbour, Australia.
However, the Kiwi dollar also has its ups and downs, and this week has been no exception.
According to technical indicators, the New Zealand dollar is performing well in its pair against the single European currency.
The EUR/NZD pair has been declining in value slowly since the end of March following the arrival of the coronavirus pandemic on the world stage.
It is currently stuck close to the 1.7172 level.
This negative outlook for the single currency, however, may be about to change given that senior government leaders across the EU have now agreed an enormous stimulus package.
Ironically, though, the Kiwi dollar’s long-held status as a risk-on currency could stand it in good stead in this regard – especially if hopes that the pandemic’s economic effects are over continue to flourish.
The arrival of stimulus packages from Europe and potentially soon elsewhere may indicate to the markets that risky currencies are worth the investment – meaning that there is some hope for the Kiwi dollar to continue its positive trend.
The Kiwi dollar seems to be experiencing something similar in its pair with the Canadian dollar.
There, the Kiwi dollar has been enjoying something of an upswing – though technical indicators suggest that this may be under threat as time goes on.
Here, the picture is complex given that the Canadian dollar is also seen as a distinctively risk-era currency rather than a safe haven – meaning that risk cannot be seen as the main factor in determining its performance.
With half of the foreign exchange trading week left to go, it is worth exploring what external events could be on the cards for the Kiwi dollar.
On Thursday, for example, a series of trade balance-related statistics will be released from the country.
Its overall trade balance for June, for example, will be out at 10:45pm GMT.
Year on year, this was last recorded at well under $1bn.
There is currently no forecast of what will come next.
Broken-down import and export figures for June will also be revealed in the same time slot.
Import figures were last recorded at $4.14bn, and export figures were last seen at $5.39bn.
There are again, however, no concrete forecasts for where these figures will move next.
Looking ahead to next week, meanwhile, Monday will see an important labour market-related piece of news from New Zealand.
Figures on total filled jobs for June will be out at 10:45pm GMT on that day, and will be released by Stats NZ.
This figure was last recorded at 2,180,000.
Whether or not the coronavirus pandemic will continue to exert influence on this figure, however, remains to be seen.
- What Does Binance Being Kicked Out of Belgium Mean for Crypto Prices?
- Crypto Traders and Coin Prices Face New Challenge as Binance Gives up its FCA Licence
- Interpol Declares Investment Scams “Serious and Imminent Threat”
- Annual UK Fraud Audit Reveals Scam Hot-Spots
- Former Schwab, Wells Fargo, and Morgan Stanley Advisor is Sentenced to Seven Years
- FX Fraudster On The Run After £70m Ponzi Scheme Collapses
What Does Binance Being Kicked Out of Belgium Mean for Crypto Prices?
Safest Forex Brokers 2023
|Broker||Info||Best In||Customer Satisfaction Score|
|#1||72% of retail CFD accounts lose money. Founded: 2014||Global Forex & CFD Broker||
Best Trading Conditions Visit broker
|#2||Your capital is at risk Founded: 2014||Global Forex Broker||
BEST SPREADS Visit broker
|#3||Your capital is at risk Founded: 2006||Globally regulated broker||
BEST CUSTOMER SUPPORT Visit broker
|#4||82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008||Global CFD Provider||
Best Trading App Visit broker
|#5||Between 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010||Global Forex Broker|
|#6||76% of CFD traders lose money Founded: 2007||Global CFD & FX Broker||
ALL-INCLUSIVE TRADING PLATFORM Visit broker
|#7||Your capital is at risk Founded: 2009, 2015 and 2017||Global Forex Broker|
|#8||Your capital is at risk Founded: 2006||CFD and Cryptocurrency Broker||
CFD and Cryptocurrency Visit broker
Forex Fraud Certified Brokers
Stay up to date with the latest Forex scam alerts
Sign up to receive our up-to-date broker reviews, new fraud warnings and special offers direct to your inbox