New Zealand Dollar Sees Gains Against Dollar After Bernanke Congress Meeting

19 July 2012 02:00 - Lucy Williams

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New Zealand Dollar Sees Gains Against Dollar After Bernanke Congress Meeting

The US Federal Reserve Chairman Bernanke recognises how Europe is still facing serious economic difficulties and a solution for its debt crisis isnít plausible in the near future. Bernanke has left markets contemplating the idea of further quantitative easing for global economies which are continuing to feel the strain of the global economic crisis. The New Zealand dollar however has since strengthened against the US dollar and equalised against the euro.

The New Zealand dollar has risen to 79.99 US cents showing optimism for a growing economy however the New Zealand dollar, together with the Australian dollar, is strongly influenced by trade ties to China with whom Australia has strong import/export relations with. Statistics New Zealand released statistics showing that consumer prices increased by 0.3 percent. Falling trade prices in New Zealand have also weighed on demand for the currency.

It is believed that the recent gains of the New Zealand dollar were largely helped by the Australian dollar trading higher. The Australian dollar is surging against its counterparts including the US dollar and the euro and is currently at eleven week highs after the greenback struggled to deal with rising commodity prices and the negative news from the Eurozone debt crisis.

Bernankeís testimony to US congress is expected to be the main driver of the markets for the moment affecting all major currencies including the New Zealand dollar.

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Related Links:
• Statistics New Zealand
Official Website

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