Weekly Currency Update - GBP/NZD Week ending 11th September
Sep 15th 2009, 8:57 am
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Weekly Currency Update - GBP/NZD Week ending 11th September
Hi All,
Here’s an update on what’s been happening with the New Zealand Dollar over the last week.
The Q2 Overseas Trade Index (-9.0% q/q) declined for the 5th straight quarter and hit its lowest level since Q3 2006. The fall in the terms of trade was the result of decreases in export prices outstripping the decreases in import prices though Export Volumes (+7.0%) did manage to improve, primarily driven by higher international sales of dairy products. As expected, the RBNZ (Reserve Bank of New Zealand) left rates (Interest Rates) unchanged at 2.5% and slightly softened its dovish tone but indicated that rates will remain at or near current levels until well into 2010. This week, the market will be looking to Retail Sales for continued improvement and the Manufacturing Index to break the 50 level to show expansion for the first time since April 2008.
NZD Movement – High’s & Low’s of last week (7th – 11th September)
High’s: 2.3911
Low's: 2.3541
A movement of 1.57%
Difference on £200,000
High: 478,220 NZD
Low: 470,820 NZD
Difference of: 7,400 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
Here’s an update on what’s been happening with the New Zealand Dollar over the last week.
The Q2 Overseas Trade Index (-9.0% q/q) declined for the 5th straight quarter and hit its lowest level since Q3 2006. The fall in the terms of trade was the result of decreases in export prices outstripping the decreases in import prices though Export Volumes (+7.0%) did manage to improve, primarily driven by higher international sales of dairy products. As expected, the RBNZ (Reserve Bank of New Zealand) left rates (Interest Rates) unchanged at 2.5% and slightly softened its dovish tone but indicated that rates will remain at or near current levels until well into 2010. This week, the market will be looking to Retail Sales for continued improvement and the Manufacturing Index to break the 50 level to show expansion for the first time since April 2008.
NZD Movement – High’s & Low’s of last week (7th – 11th September)
High’s: 2.3911
Low's: 2.3541
A movement of 1.57%
Difference on £200,000
High: 478,220 NZD
Low: 470,820 NZD
Difference of: 7,400 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
