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Weekly Currency Update GBP/NZD - Week ending 16th April

Weekly Currency Update GBP/NZD - Week ending 16th April

Old Apr 20th 2010, 1:40 am
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Default Weekly Currency Update GBP/NZD - Week ending 16th April

Hi All,

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

February Retail Sales (-0.6% m/m) fell the most in 7 months and highlighted the patchy and fragile nature of the recovery. Interest rate forecasts were immediately scaled back as the market adjusted the probability of the first increase in June from 68% to 56%; the amount of tightening over the next 12 months remained unchanged at 169 basis points but this is well off the peak of 241 basis points seen in October 2009.

The housing market did show some signs of life in March, with sales (+22.5% m/m) and price index (+1.7% m/m) shrugging off soft labour markets and potential tax changes on investment property to record the first increases for several months.

Encouragingly for future growth and job seekers the Business NZ Manufacturing Index (56.3 from 53.3) grew at its fastest pace for more than 2 years as export markets, particularly Australia, sucked in relatively cheap manufactured goods.

GBP/NZD movement – High’s & Low’s of last week (12th April– 16th April)

High’s: 2.1801
Low's: 2.1451
A movement of 1.63%

Difference on £200,000

High: NZD 436,020
Low: NZD 429,020
Difference of: NZD 7,000

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.


Mark Bodega
Director - HiFX
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