Weekly Currency Update - GBP/NZD Week ending 14th August
Aug 18th 2009, 12:26 pm
#1
BE Enthusiast
Thread Starter
Joined: Dec 2004
Posts: 524
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
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
