GBP/NZD March Currency Update

Old Apr 12th 2010, 12:42 am
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Default GBP/NZD March Currency Update

New Zealand’s Q4 2009 GDP grew at the fastest pace in 2 years (+0.8% q/q), as inventory rebuilding and consumer demand fuelled the third straight quarterly improvement. However doubts remain about the sustainability of the recovery as consumer sentiment and spending subsides in the face of weak labour markets, rising mortgage rates and likely future tax increases.

Expectations for the first interest rate hike in the cycle stay unchanged for June. The Trade Balance (+$321m) recorded a surplus in February, remaining close to its 8-year best (-$244m) on a year-on-year basis, as NZ exports struggle to gain traction on international markets but matched by waning demand for imports.

Current Central Bank Rates:

BOE (Bank of England): 0.50%
RNZ (Reserve Bank of New Zealand): 2.50%

GBP/NZD Highs & Lows of March:

High: 2.1948
Low: 2.0904

A movement of: 4.99%

Difference this would make on £200k

High: NZD 438,960
Low: NZD 418,080

A difference of NZD 20,880

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].

Kind regards,

Mark Bodega
Director - HIFX
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