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Weekly Currency Update - GBP/NZD Week ending 14th August

Weekly Currency Update - GBP/NZD Week ending 14th August

Old Aug 18th 2009, 12:26 am
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Default Weekly Currency Update - GBP/NZD Week ending 14th August

Hi All,

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

GBP/NZD crashed to a 12-year low last week, with the Kiwi capitalising on a broadly weaker Sterling, helped by a raft of positive economic data, stoking demand for the higher-yielding local Dollar.

Domestically, New Zealand retail sales rose for a fifth time in nearly two years in the second quarter while the housing market showed more signs of stabilising, backing views of a gradual recovery and that rates will remain on hold in the coming months. The 0.4% gain in retail sales marked the end of the longest slump in sales volumes on record and suggested the economy will emerge from its worst recession in 30 years in the second half of 2009.

In New Zealand we also saw positive news for the Dollar with house sales up by 34% and very positive Retail sales figures. This took GBPNZD down to a low of 2.4065 which hasn’t been seen since 1997.

In the UK, recent Unemployment figures showed a 13 year high which had a negative effect on the Pound as they suggest that the deterioration in the labour market is yet to show signs of stabilisation

NZD Movement – High’s & Low’s of last week (10/08/09 – 14/08/09)

High’s: 2.4972
Low’s: 2.4078

A movement of 3.71%

Difference on £200k

High: 499,440 NZD
Low: 481,560 NZD

Difference of: 17,880 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.

Regards




Mark Bodega
Director - HiFX
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