Weekly Currency Update GBP/NZD - Week ending 22nd October
 

In the UK last week the highlight was the announcement of the spending cuts, which went pretty much to plan, considering expectations had been so well managed in the lead up to it. On top of this we saw a 3-way vote at the last Bank of England meeting with Posen and Sentance the outliers, with the former voting for another £50bn of quantitative easing and the latter sticking to his guns and voting for a rate hike.

The RBNZ ‘s Bollard remained dovish and hinted that rates remain stimulative and market expectations that they will remain unchanged until next year would not seem an unreasonable expectation. On the 28th October the RBNZ decision will be published.

GBP/NZD movement – High’s & Low’s of last week (18th October– 22nd October)

High’s: 2. 1241
Low's: 2.0915
A movement of 1.56%

Difference on £200,000

High: NZD 424,820
Low: NZD 418,300

Difference of: NZD 6,520

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