Weekly Currency Update GBP/NZD - Week ending 20th August
Aug 24th 2010, 8:50 am
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Weekly Currency Update GBP/NZD - Week ending 20th August
As promised here’s a brief update on what’s been happening with the New Zealand Dollar over the last week.
Producer Prices in New Zealand rose much more than expected for both the input (1.4% v 0.6% exp) and output (1.1% v 0.7% exp) reading, but the data did little to budge interest rate expectations. Markets are implying only a 13% chance of a rate rise at the RBNZ meeting in September. Visitor Arrivals for the month rose to 1.4% from a disappointing 0.3% the previous month and credit card spending for the year fell to 2.7% from 4.5%. This week is extremely light on local data, with near term direction for the NZD coming from US equity markets.
GBP/NZD movement – High’s & Low’s of last week (16th August– 20th August)
High’s: 2. 2244
Low's: 2.1717
Difference on £200,000
High: NZD 444,880
Low: NZD 434,340
Difference of: NZD 10,540
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
Producer Prices in New Zealand rose much more than expected for both the input (1.4% v 0.6% exp) and output (1.1% v 0.7% exp) reading, but the data did little to budge interest rate expectations. Markets are implying only a 13% chance of a rate rise at the RBNZ meeting in September. Visitor Arrivals for the month rose to 1.4% from a disappointing 0.3% the previous month and credit card spending for the year fell to 2.7% from 4.5%. This week is extremely light on local data, with near term direction for the NZD coming from US equity markets.
GBP/NZD movement – High’s & Low’s of last week (16th August– 20th August)
High’s: 2. 2244
Low's: 2.1717
Difference on £200,000
High: NZD 444,880
Low: NZD 434,340
Difference of: NZD 10,540
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
