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Weekly Currency Update GBP/NZD - Week ending 19th March

Weekly Currency Update GBP/NZD - Week ending 19th March

Old Mar 22nd 2010, 11:35 pm
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Default Weekly Currency Update GBP/NZD - Week ending 19th March

Hi All,

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

Credit Card Spending (+1.1% y/y) eased back slightly in February as consumers remained cautious amid a patchy economic recovery and concerns over job security. Migration also slipped back to a net gain of 21,618 to the year ended in February 2010 but still way above the 6,160 seen in February 2009.

Despite the less than buoyant domestic data the NZD performed strongly on foreign exchange markets, gaining 1.5% against the AUD and well over 2% against both the EUR and GBP in the week; traders apparently encouraged that New Zealand export markets, most notably Australia, and terms of trade have improved sufficiently to keep the economy out of recession and towards sustainable growth over the coming months.

GDP data this week will be watched for any upward revisions that will alter the interest rate outlook from the current first increase in the cycle penciled in for June.


GBP/NZD movement – High’s & Low’s of last week (15th March – 19th March)

High’s: 2.1674
Low's: 2.1156

A movement of 2.45%

Difference on £200,000

High: NZD 433,480
Low: NZD 423,120

Difference of: NZD 10,360

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
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