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GBP/NZD January Currency Update

GBP/NZD January Currency Update

Old Jan 12th 2010, 9:20 pm
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Default GBP/NZD January Currency Update

Hi All,

Here is an update of what’s been happening in the Currency Markets throughout December with the NZ Dollar.

GBP/NZD eased at the beginning of the month as the Kiwi benefited from a pickup in investor risk appetite, supported by worries about the impact of Dubai’s debt problems and positive data from Europe and China, plus continued to strengthen throughout the month in line with all commodity currencies. However, NZD gains were capped as New Zealand’s Finance Minister, Bill English said that the government’s fiscal position would likely reflect the impact of the recession on the tax take for some time to come. His comment followed data showing the government posted a worse than expected deficit of NZD3.27 billion. This was also 59.7% worse than the forecast made in May’s budget. “It’s clear that the impact of the recession will be felt by many businesses and, in turn, on the government’s books for some time,” English said in a statement. “This will influence our decisions around both revenue and spending,” he added, saying there would be little or no new money for spending in the coming year.

As expected the RBNZ left rates unchanged at record low levels but slightly changed the tone in the post-decision statement that suggests monetary policy could be tightened in Q2 2010, a full quarter earlier than previous expectations. The impression that NZ is slowly drawing its way out of recession was underpinned by the Business NZ Manufacturing Index (51.8) that recorded its third straight month above the expansionary 50 level and although activity is not strong it is a vast improvement on the depths seen a year ago when the index hit a record low of 34.9.

Central bank rates:
UK: 0.50%
NZ: 2.50%

High & Low of the month:
High: 2.3096
Low: 2.2062

Difference of cost on a £200k property:
So a difference of 20,680 NZD

Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely you are to make your money go further.


Mark Bodega
Director - HiFX
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