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New Zealand – Forex Guides, Reviews & News

Welcome to BER New Zealand. Here we list useful guides and FX provider reviews plus market updates keep our customers aware of the latest NZD exchange rates, charts and rate changes in the major NZ dollar cross currency pairs.

 

Market Outlook for the New Zealand dollar

NZD/USD – 3 month chart

26-February-19: The New Zealand dollar has been among the best performers in early 2019: at the time of writing, it was showing a 3 percent year-to-date gain versus the US dollar (US$0.69), bettered within G10 FX only by the Canadian dollar and pound.

The kiwi’s upside might be limited over the coming 6-12 months due to a somewhat disappointing outlook for interest rates in New Zealand.

In February, the RBNZ said it would maintain rates at current levels this year and next, which was taken as a big positive at the time since a rate cut had partly been priced in. When considered against the hikes that are likely in Canada, the US, Europe, Scandinavia and many emerging market economies, steady NZ rates might also be to NZD's detriment.

In February, Radobank predicted NZD/USD 4 percent lower at US$0.66 before the end of May.

An RBC analyst also suggested betting against the kiwi. The analyst pointed to the RBNZ's previous form when it comes to U-turns on policy guidance.

In addition, watchers of NZD should not underestimate how highly correlated the currency is with the Australian dollar, which is tied to an even worse monetary policy outlook and which might suffer an 8-10 percent decline this year, per some currency forecasters.


 

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US Dollar Market Outlook

USD/NZD – 3 month chart

The US dollar had been falling steadily in the lead-up to the March-20 Fed meeting, and those that were selling the currency amid speculation of a dovish surprise were entirely vindicated after the central bank ditched its December projection for two 2019 interest rate hikes and said it now sees rates unchanged until 2020.

The extent of the Fed’s dovish turn meant that the dollar suffered a rapid and significant correction. The euro leapt on the new projections to a 6-week high against the dollar of $1.145 and other major and emerging market currencies followed suit.

The Fed’s reassessment of future monetary policy reflects concerns over domestic and global economic growth, as well as inflation and risks originating overseas, likely including Brexit.

Earlier this year, ING said the dollar would soon “embark on a gradual long-term bearish trend.”

CIBC said: “A slowdown in the economy is likely to weigh on USD particularly in the second half of this year.”

Compare NZD-USD Exchange Rates.

 

Foreign Exchange News

Australian, New Zealand Dollars Rise Most on Hopes for US-China Trade Deal

The Australian and New Zealand dollar currencies have been the best performing majors in recent days. Each has gained nine-tenths of a cent against the US dollar since Thursday, with appreciation fuelled by the market’s upbeat mood towards a potential US-China trade agreement.

Updated: 26 Feb, 2019

New Zealand Dollar Jumps After RBNZ Says It Won’t Lower Interest Rates

The New Zealand dollar leapt on Wednesday in response to the latest remarks from the RBNZ, which said that interest rates in New Zealand would not be lowered this year or next, wrong-footing investors who had adjusted FX positions to account for lower rates.

Updated: 26 Feb, 2019

Australian Dollar in the Headlines This Week; Latest RBA Forecasts Due

RBA Australian dollar AUD currency news and forecasts

With a number of Australian data releases, RBA statements and forecasts on the economic calendar, the Australian dollar is likely to be in the headlines this week, for good or bad.

Updated: 3 Feb, 2019

 

Australian Dollar Market Outlook

AUD/NZD – 3 month chart

Following a flash crash in early January, which saw the Australian dollar briefly trade at a 10-year low of $0.674, the Aussie recovered to $0.73, but then, as it had done before the flash crash, it commenced with a slow and steady decline, and it was back at $0.705 in mid-March and was predicted to fall further.

In February, HSBC predicted a year-end AUD/USD rate of $0.66. In March, Westpac and JP Morgan were slightly more upbeat and argued for $0.68.

Fuelling lower exchange rate forecasts is the Australian economic story, for which major themes include a housing market slump, Chinese growth and the US-China trade spat. The RBA slashed growth forecasts in February and markets are now pricing in 1-2 interest rate cuts this year.

Another Aussie exchange rate worth mentioning is AUD/GBP, which sank in mid-March to its lowest level in nearly 3 years, at just £0.53. The Australian dollar has been unable to compete with the pound of late, since the latter benefits every time the British government fails to make a decision on how to deliver Brexit (every time Brexit appears less likely or to be delayed).

Compare NZD-AUD Exchange Rates.

 

Money Transfer Provider Reviews – NZ

WorldFirst Foreign Transfers – BER Review

WorldFirst is a market leader in the international payments space and is consistently ranked among the most reliable and cheapest money transfer handlers for four-figure sums.

Updated: 19 Mar, 2019

XE Money Transfer – BER Review

XE is one of the world’s best known and trusted currency websites, but how do their foreign transfers compare for rates and service…we are on the case and our full review will be coming soon! XE Money Transfer Visit XECompare XE AU ratesCompare XE NZ rates

Updated: 12 Mar, 2019

Travelex Exchange Rates New Zealand – BER Review

In this article we take a look at Travelex in New Zealand, their exchange rates and foreign currency services. Getting your travel money from the local Travelex branch is convenient but with a little planning (and ordering online) you can also save money for your next trip abroad.

Updated: 8 Mar, 2019

 

Fintech FX News

WorldFirst Owners Target European Expansion

Ant Financial, the Chinese fintech giant that recently acquired WorldFirst, has set its sights on Europe, where it plans to take its share of both cross-border and point-of-sale payments.

Updated: 19 Mar, 2019

CBOE Ditches Bitcoin Futures Amid Reduced Interest

Amid declining interest, the Chicago Board Options Exchange, or CBOE, has announced it will no longer offer bitcoin futures contracts once current contracts expire in June.

Updated: 19 Mar, 2019

Revolut Introduces Auto Currency Exchange

Digital bank Revolut announced this week the introduction of a significant new feature: auto currency exchange based on targeted exchange rates.

Updated: 8 Mar, 2019

Messaging Apps to Take Slice of Remittance Market Using Their Own Cryptocurrencies

Users of popular messaging apps, including WhatsApp and Line, might soon be able to make cross-border payments effortlessly. In a move that will further disrupt the payments industry, the creators of such apps, including Facebook, are working hard to develop their own digital currencies that can be transferred to anyone in a user’s contact list.

Updated: 19 Mar, 2019

 

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