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

Despite a drop in retail sales data for July at the beginning of the week, the Kiwi held up well against the Pound. It did however weaken notably after the RBNZ kept rates on hold at 3% as expected but issued a relatively dovish statement. The Reserve Bank Governor Alan Bollard held the rate at 3 per cent and pared back his track of interest rate hikes, saying further increases would be at a slower pace over the next few years as the recovery in New Zealand's economy stumbles.

GBP/NZD movement – High’s & Low’s of last week (13th September– 17th September)

High’s: 2.1641
Low's: 2.0973
A movement of 3.19%

Difference on £200,000

High: NZD 432,820
Low: NZD 419,460

Difference of: NZD 13,360

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