Weekly Currency Update GBP/NZD - Week ending 13th August
Aug 17th 2010, 1:29 pm
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Weekly Currency Update GBP/NZD - Week ending 13th August
As promised here’s a brief update on what’s been happening with the New Zealand Dollar over the last week.
The Business NZ Manufacturing Index (49.9) fell into the contraction zone below 50 and New Orders (47.6 from 57.4) slumped to a 14-month low as the recent sequence of official downgrades of the economy and weak data continued last week. Expectations of further interest rate increases have been sharply scaled back in recent weeks and now the market is pricing in barely a 50% chance of another hike this year. Consequently, the NZD has weakened across the board through August and this looks set to continue as concerns grow about the sustainability of global growth and the ability of European sovereigns to service huge debt obligations.
GBP/NZD movement – High’s & Low’s of last week (9th August– 13th August)
High’s: 2.2129
Low's: 2.1749
A movement of 1.75%
Difference on £200,000
High: NZD 442,580
Low: NZD 434,980
Difference of: NZD 7,600
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.
Regards
Mark Bodega
Director – HiFX
The Business NZ Manufacturing Index (49.9) fell into the contraction zone below 50 and New Orders (47.6 from 57.4) slumped to a 14-month low as the recent sequence of official downgrades of the economy and weak data continued last week. Expectations of further interest rate increases have been sharply scaled back in recent weeks and now the market is pricing in barely a 50% chance of another hike this year. Consequently, the NZD has weakened across the board through August and this looks set to continue as concerns grow about the sustainability of global growth and the ability of European sovereigns to service huge debt obligations.
GBP/NZD movement – High’s & Low’s of last week (9th August– 13th August)
High’s: 2.2129
Low's: 2.1749
A movement of 1.75%
Difference on £200,000
High: NZD 442,580
Low: NZD 434,980
Difference of: NZD 7,600
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.
Regards
Mark Bodega
Director – HiFX
