Home Daily Commentaries NZD range bound as all quiet across major currencies

NZD range bound as all quiet across major currencies

Matt Richardson
Written by
Matt Richardson

Matt Richardson

OFXpert

Matt provides expertise in currency risk management to his clients, drawing from his 14 years of experience in foreign exchange.

| Wednesday 11 June, 2025

Daily Currency Update

A very quiet day across majors with next to no headline newsflow or major macroeconomic markers on hand to drive direction meant the NZD traded within a very narrow trading handle Tuesday. With nothing of note on the domestic ticket our focus was directed squarely at US/China trade talks in London. At time of writing both sides remain locked in negotiations with no headline announcements escaping the conclave. The NZD has traded between US$0.6030 and US$0.6060 as investors sideline major bets pending the conclusion of trade talks. While steady against the USD the NZD has edged lower against the AUD as it gathers some momentum against the dollar while softer UK labour market data meant the pound underperformed through the day allowing the NSD to push clear of 0.4450 and toward 0.4475.

Key Movers

Moves across majors were largely muted through trade on Tuesday with just one notable underperformer. The British pound fell following a softer than expected labour market update. Indicators showed payrolls fell by more than 100,000 in May with the retail and hospitality sectors accounting for more than half of jobs lost. With growth in wages stalling the market moved to price in two further rate cuts before years end forcing UK yields lower, dragging the GBP with them. The GBP has fallen back below 1.35, marking intraday lows at 1.3464.

Our attention today remains with US/China trade talks wile US CPI inflation data headlines the macroeconomic ticket.

Expected Ranges

  • NZD/USD: 0.5980 - 0.6080 ▲
  • NZD/EUR: 0.5250 - 0.5320 ▲
  • GBP/NZD: 2.2200 - 2.2500 ▼
  • NZD/AUD: 0.9250 - 0.9320 ▼
  • NZD/CAD: 0.8250 - 0.8320 ▼

Written by

Matt Richardson

OFXpert

As a Senior Corporate Client Manager, Matt provides expertise in currency risk management to his clients, drawing from his 14 years of experience in foreign exchange. Matt has clients who he has been working with for over a decade, a testament to his knowledge and dedication in the field. Matt is also a regular contributor on Ausbiz, offering clear and precise updates on currency market trends, showcasing his ability to interpret complex financial data into actionable insights.