NZD currency converter

The Aussie surged higher last night reclaiming 0.6950 for the first time since late last week. While the rebound was limited to a high of 0.6980, the AUD had sunk to 0.6885 before the rally. Performance against the other major currencies was less convincing with the Aussie once again failing to impress. The AUD/EUR was pushed back towards 57 cents again after 2 days of solid gains while the local currency did managed to improve against the Yen and Pound. Last night US Fed Chairman Alan Greenspan testified in Congress remaining positive on the US economic performance over the last few months. The slowdown, however, seemed to be blamed on escalating oil prices, saying “were it not for the very sharp rise in oil prices, we would still be seeing some fairly strong growth”. The speech provided little clues as to the timing of future interest rate rises. The fact that it was not as optimistic as the previous speeches sent uncertainty through the market, pushing the greenback lower. The Bank of Canada raised interest rates last night to 2.25%, which came as no surprise to the market. The Canadian dollar has outperformed most of its rivals recently as strong local results combined with increasing interest rates mark it for investor attention. Closer to home, the RBNZ raised Kiwi interest rates to 6.25% citing strong economic growth for an extended period as the major influence behind the moved. Yesterday the RBA announced that Australian interest rates will remain at 5.25%. interest rates are expected to stay at this level until late 2004. Home loan approvals rose 1.8% while consumer confidence soared 1.7% in September reaching its second highest level recorded. FX Markets continue to ignore local data. However, today’s employment figures are expected to change that. Local trading will digest last night’s trading before turning its focus to the employment figures. Broad expectations have employment increasing by 25,000 with unemployment at 5.6% down from 5.7%.