The Aussies Versus The New Zealanders
Not literally of course, as we are talking about their respective currencies here. Let’s see how things went during the month of May. Which of these two would end up getting the better result as the month went by?
The Aussie dollar kicked off the month of May with a rate of 1.2772. We were expecting to see some interesting figures on the currency converter as the month went on, and we were certainly not disappointed in this respect.
The following Monday kicked off the first full week of the month with a rate of 1.2695. And after a while it became apparent that the momentum was firmly with the New Zealand dollar for this week at least, as the closing rate for the week was 1.2455. So far then the Aussie dollar had lost out on more than three cents, so could it now turn the tables around?
There were small but encouraging signs at the beginning of the following week, with a closing rate on Monday of 1.2471 and 1.2482 the day after. But these were indeed only very small signs, and the onus was still on the New Zealand dollar as being the stronger of the two at this stage.
As the week wore on, things started to get a little more interesting, and the Aussie dollar finished on Friday night by snagging a rate of 1.2538. The first day of the subsequent week gave us a result of 1.2546, so we would be forgiven for thinking that the Aussie dollar was now beginning to take the upper hand.
But it was not to be. This small jump in the right direction was soon squashed by the New Zealand dollar, as the week ended with a rate of 1.2325. So all the hard work the Australian dollar had seemed to put in was ended very soon with that figure.
We were also fast approaching the end of the month now, and it seemed as if everything was weighing in against the Aussie dollar. We could not see any way of getting a successful close to the month for the currency, although it didn’t look as if the New Zealand currency would have a particularly good end either. The following week went to and fro and eventually ended with an exchange rate of 1.2498 for the Australian dollar, so that at least was a little better.
As the month panned out, there would be just one more day of trading before the month of May had finished. And unfortunately for the Australian dollar it lost a bit more ground on that day as well. This time it managed to finish the month on 1.2431, which meant it had lost out on a total of nearly three and a half cents over the month as a whole. This was certainly not the best result we had been hoping for, so the best result went to the New Zealand dollar for May on this occasion.
Strong Aussie