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Weekly Currency Update GBP/NZD 6th - 10th July

Weekly Currency Update GBP/NZD 6th - 10th July

Old Jul 15th 2009, 3:32 am
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Default Weekly Currency Update GBP/NZD 6th - 10th July

Hi all,

Here’s an update of what’s been happening in the Currency Markets over the last week.

After a quiet week in NZ, the primary focus was on the Institute of Economic Research’s. The survey supports previous data that has suggested the worst of the recession may now be over and that growth could return by the end of 2009.

However, as with the AUD, equity markets are likely to be a key driver with regards to the NZD in the months ahead, and if another wave of risk aversion were to take over, it would no doubt have a negative impact on the NZD.

For now, GBP/NZD remains trapped within a narrowing range GBP/NZD still needing to hurdle resistance at 2.64 or break support around 2.50 to give a clearer direction of the next move.


NZD Movement – High’s & Low’s of last week (06/07/09 – 10/07/09)
High’s: 2.6034
Low's: 2.5363
A movement of 2.65%

Difference on £200,000
High: 520,680 NZD
Low: 507,260 NZD
Difference of: 13,420 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.

Regards,

Mark Bodega
Director - HiFX
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