GBP/NZD January Currency Update
Mar 2nd 2010, 11:27 am
#1
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GBP/NZD Currency Update
Hi All,
As promised here’s a brief update on what’s been happening with the NZD Dollar over the last week.
The NBNZ Business Confidence survey showed 50.1% of respondents expect the general economy to improve over the next 12 months compared to a net 38.5% in December. The Own Activity outlook also improved to 41.9% from 36.9% and reversed a run of three monthly declines. Despite some improvement in business confidence, domestic data shows an economy that is struggling to gain traction. The annual Trade Deficit (-0.18b) fell to its lowest level in more than 7 years as the slump in imports outstripped the fall in exports and Building Consents (-2.8% m/m) eased for a second month in January. The market has steadily been forced to revise its expectations of early rate increases and is now generally aligned with the long held RBNZ view that rates will not increase before mid-2010. This week attention will be focused on overseas markets particularly Australia and the US.
GBP/NZD Movement – High’s & Low’s of last week (22/02/10 – 26/02/10)
High’s: 2.2442
Low’s: 2.1704
A movement of:3.40%
Difference on £200k
High: NZD448,840
Low: NZD434,080
Difference of: NZD14,760
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.
A further update will be added next week.
Regards
Mark Bodega
HiFX
As promised here’s a brief update on what’s been happening with the NZD Dollar over the last week.
The NBNZ Business Confidence survey showed 50.1% of respondents expect the general economy to improve over the next 12 months compared to a net 38.5% in December. The Own Activity outlook also improved to 41.9% from 36.9% and reversed a run of three monthly declines. Despite some improvement in business confidence, domestic data shows an economy that is struggling to gain traction. The annual Trade Deficit (-0.18b) fell to its lowest level in more than 7 years as the slump in imports outstripped the fall in exports and Building Consents (-2.8% m/m) eased for a second month in January. The market has steadily been forced to revise its expectations of early rate increases and is now generally aligned with the long held RBNZ view that rates will not increase before mid-2010. This week attention will be focused on overseas markets particularly Australia and the US.
GBP/NZD Movement – High’s & Low’s of last week (22/02/10 – 26/02/10)
High’s: 2.2442
Low’s: 2.1704
A movement of:3.40%
Difference on £200k
High: NZD448,840
Low: NZD434,080
Difference of: NZD14,760
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.
A further update will be added next week.
Regards
Mark Bodega
HiFX
Last edited by Windsor2; Mar 2nd 2010 at 11:50 am.
