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Weekly Currency Update - GBP/NZD Week ending 21st August

Weekly Currency Update - GBP/NZD Week ending 21st August

Old Aug 24th 2009, 2:16 am
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Default Weekly Currency Update - GBP/NZD Week ending 21st August

Hi All,

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

GBP/NZD reversed back towards its previous 12-year low last week as global stock markets hit fresh highs for the year, underpinning appetite for riskier assets. The market took its cue from equities, ignoring news that New Zealand producer prices were soft in the second quarter, showing reduced inflation pressures as the economy starts to emerge from recession and leaving room for interest rates to remain low well into next year. Producers’ input prices – the cost of good and services, excluding labour, at the farm and factory gate – were flat on the previous quarter while output prices were down 0.7%. Economist had expected a fall of 0.1% in input prices and a 0.7% fall in output prices.

New Zealand continues with second tier data releases this week ahead of the RBNZ policy meeting on the 10th September.

NZD Movement – High’s & Low’s of last week (17/08/09 – 21/08/09)

High’s: 2.4615
Low’s: 2.4114

A movement of 2.08%

Difference on £200k

High: 492,300 NZD
Low: 482,280 NZD

Difference of: 10,020 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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