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GBP/NZD Weekly Currency Update - Week ending 24th July

GBP/NZD Weekly Currency Update - Week ending 24th July

Old Jul 27th 2009, 10:52 pm
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Default GBP/NZD Weekly Currency Update - Week ending 24th July

Hi All,

Here’s an update on what’s been happening in the currency markets over the last week.

With last week’s data calendar lacking inspiration, the NZD took its lead from the equity markets which rallied aggressively following a number of stronger than expected US corporate earnings results. This kept the NZD on the front foot despite as series of disappointing second tier data releases which showed a sharp drop in visitor arrivals (particularly from Asia) and a plunge in credit card spending as consumer confidence remained weak.

This week, sees a more interesting data calendar with the main highlight being Thursday’s RBNZ interest rate announcement. Whilst a vote of no change is widely expected, close attention will be paid to the accompanying statement for any indication as to whether or not further monetary easing is likely to be seen in the months ahead.

NZD Movement – High’s & Low’s of last week (20th – 24th July)

High’s: 2.5396
Low's: 2.4851
A movement of 2.19%

Difference on £200,000

High: 507,920 NZD
Low: 497,020 NZD

Difference of: 10,900 NZD

Whilst FX certainly 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.

Best Regards,

Mark Bodega
Director - HiFX
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