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GBP/NZD Febuary Currency Update

GBP/NZD Febuary Currency Update

Old Feb 5th 2010, 2:26 am
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Default GBP/NZD February Currency Update

With very little Antipodean financial news in January it was left to Sterling to create the waves. Interest rates were kept on hold in both countries, so there was limited reaction by the markets.

There is always a correlation between the two economies of Australia and New Zealand, both thriving off Asia’s unfaltering growth . However there was a scare from China in January when the Chinese Government placed some restrictions on there domestic borrowing and tightened their reserves. This was a signal to the markets that all may not be as ‘rosie’ as it seems in the Land of Rising Sun! This sent jitters across Antipodean industrialists, who had to admit the reliance on China’s boom.

Sterling could not benefit dramatically from this, as it remains on the back foot with the extensive QE and consumer debt.

Current Central Bank Rates:
NZ (Reserve Bank): 2.50%
UK (Bank of England): 0.50%

GBP/NZD Highs & Lows of January:
High: 2.2985
Low: 2.1604

A movement of: 6.39%

Difference this would make on £200k

High: NZD 459,700
Low: NZD 432,080

A difference of NZD 27,620

All of the information above can be explained clearly by your personalised dealer should you open a trading facility with HIFX. To discuss your requirements in more detail and for a free currency consultation please contact HiFX plc on 01753 859 159 or email [email protected].

Last edited by Windsor2; Feb 5th 2010 at 2:44 am.
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