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Weekly Currency Update - GBP/NZD Week ending 18th September

Weekly Currency Update - GBP/NZD Week ending 18th September

Old Sep 21st 2009, 11:07 pm
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Default Weekly Currency Update - GBP/NZD Week ending 18th September

Hi All,

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

The Kiwi hit a fresh 12-year high against a broadly softer Pound last week as investors showed their confidence in the prospect of economic recovery by picking up higher-yielding currencies. The local Dollar shrugged off initial losses on Monday after New Zealand retail sales fell unexpectedly for the second month in a row in July, backing the Central Bank’s view that the recovery from recession will be patchy.

Sales declined by a deeper than expected 0.5%, posting the sharpest fall since January as consumers curbed their spending amid rising food and fuel costs. However, there was some brighter news after a separate report from the Real Estate Institute of New Zealand (REINZ) showed house prices and sales volumes rose in August on a year earlier, indicating a recovery in the domestic property market.

In New Zealand this week, Wednesday’s GDP (Gross Domestic Product) should surprise on the upside for the second quarter while Thursday’s trade balance is seen deteriorating to -NZD250mln.

GBP/NZD Movement – High’s & Low’s of last week (14/09/09 – 18/09/09)

High’s: 2.3837
Low’s: 2.2891

A movement of 4.13%

Difference on £200k

High: 476,740 NZD
Low: 457,820 NZD

Difference of: 18,920 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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