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Weekly Currency Update - GBP/NZD

Weekly Currency Update - GBP/NZD

Old Aug 12th 2009, 8:15 pm
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Default Weekly Currency Update - GBP/NZD

Hi All,

As promised here’s a brief update on what’s been happening with the New Zealand Dollar over the last week.

The local Dollar showed little reaction against Sterling last Thursday after New Zealand’s jobless rate rose to a nine-year high of 6.0% in the second quarter as a surprise BoE policy decision offset the bad news. The unemployment rate rose to its highest level since the September 2000 quarter. It also marked a one percentage point jump in the rate from the previous quarter, the biggest jump since 1988. Still, employment fell by a smaller than expected 0.4% or 10,000 jobs in the June quarter, led by declines in full-time employment. Part-time jobs rose. The once tight labour market was a key actor for the RBNZ hiking interest rates to a record high of 8.25% to contain inflation, before it started its easing cycle in July 2008.

Friday’s June retail sales are expected to post a 0.4% monthly decline following two consecutive rises, which translates to a -1.4% annual fall and -0.1%q/q from a record -2.9%q/q in Q1.

NZD Movement – High’s & Low’s of last week (03/08/09 – 07/08/09)
High’s: 2.5488
Low’s: 2.467
A difference of 3.32%

Difference on £200k
High: 509,760 NZD
Low: 493,400 NZD
Difference of: 16,360 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.

A further update will be added next week.


Mark Bodega
Director - HiFX
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