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Weekly Currency Update GBP/NZD - Week ending 5th February

Weekly Currency Update GBP/NZD - Week ending 5th February

Old Feb 7th 2010, 10:44 pm
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Default Weekly Currency Update GBP/NZD - Week ending 5th February

Hi All,

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

The headline Unemployment Rate (7.3%) hit its highest level in 10-years in Q4 2009, driven by an increase in working-age population as the participation rate edged up to 68.1% in what is still a stagnant job market. Market forecasters are consistently having to push out their expectations for the first hike in the cycle and are increasingly converging on the RBNZ’s stated intention to keep rates on hold until mid-2010. The market has now priced in a 35 basis point increase at the June 10 monetary policy meeting. Annual immigration growth accelerated to the highest level in more than 5-years in December as permanent migrant arrivals exceeded departures by 21,253 in 2009; the potential detrimental effect of increasing the employment pool in a tough jobs market in the short-term will be outweighed by the boost to consumer spending and demand for housing. This week Retail Sales and Manufacturing will be in the spotlight.

GBP/NZD Movement – High’s & Low’s of last week (01/02/10 – 05/02/10)

High’s: 2.2999
Low’s: 2.2378

A movement of:2.78%

Difference on £200k

High: NZD 459,980
Low: NZD 447,560

Difference of: NZD 12,420

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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