New Zealand Vs The Euro – Who Won In March?
First blood went to the New Zealand dollar as it achieved a rate of 0.5143 at the close of play on the 1st March. But from there on that first week did not go in favor of the dollar, because the Euro fought back hard and pushed it down to a closing rate of 0.5074 for the week.
There was an instant improvement on Monday 8th though, as the dollar dragged itself back up to 0.5139. It then managed a small improvement on each of the next two days and then settled on 0.5191 on Wednesday night. Settling was not a good idea though, and for the remaining two days of the week it ended up being pushed back to 0.5107. Could the New Zealand dollar learn from this experience and fight back against the European single currency in the future?
Let’s find out how it did the following week. There was a small improvement to 0.5110 on Monday, and then the power was definitely in the hands of the New Zealand dollar. By Friday evening it had climbed up to 0.5250, and we were now over the halfway mark for the month as a whole. Was this a sign that the second half of the month would be better for the New Zealand dollar as opposed to the Euro? Or were we merely being lulled into a false sense of security?
That false sense certainly seemed to kick in during Monday as the rate dropped to 0.5206. It wasn’t a huge drop but it was enough to make us wonder what was in store next. The next two days followed a pattern we had seen before, as the dollar climbed to 0.5254 before losing some ground the following day. Which currency of the two would win by the end of the week?
It turned out to be a better finish for the dollar than the Euro, as it settled on an exchange rate of 0.5270 by the close of play. And with just a few days to go until the month’s end anything could happen with regard to which currency would win out in the end.
The high point for the New Zealand dollar came on the 30th as the currency climbed up to 0.5284. But it dipped slightly on the last day of the month, settling on 0.5256 as a result.
So we can see that the New Zealand dollar had managed to successfully improve its standing against the Euro by the end of March. It wasn’t worth a lot more than it had been at the start of the month but it was certainly a good month and we will await the following month’s data with interest as well.