Weekly Currency Update GBP/NZD - Week ending 6th August
Aug 9th 2010, 2:03 pm
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Weekly Currency Update GBP/NZD - Week ending 6th August
As promised here’s a brief update on what’s been happening with the New Zealand Dollar over the last week.
Employment Change (-0.3% m/m) and Unemployment Rate (6.8% from 6.0%) weakness stunned the market and had analysts rapidly re-assessing interest rate expectations again, having already pared back forecasts after the RBNZ’s dovish monetary policy statement the previous week. The market is now only discounting one more rate raise of 25 basis points in 2010. The NZD was able to hold on to a weekly gain against the USD but fell sharply versus the AUD to register a 3 month low. This week the Manufacturing Index and Retail Sales will hold the attention of local traders.
GBP/NZD movement – High’s & Low’s of last week (2nd August– 6th August)
High’s: 2.1935
Low's: 2.1511
A movement of 2%
Difference on £200,000
High: NZD 438,700
Low: NZD 430,220
Difference of: NZD 8,480
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
Employment Change (-0.3% m/m) and Unemployment Rate (6.8% from 6.0%) weakness stunned the market and had analysts rapidly re-assessing interest rate expectations again, having already pared back forecasts after the RBNZ’s dovish monetary policy statement the previous week. The market is now only discounting one more rate raise of 25 basis points in 2010. The NZD was able to hold on to a weekly gain against the USD but fell sharply versus the AUD to register a 3 month low. This week the Manufacturing Index and Retail Sales will hold the attention of local traders.
GBP/NZD movement – High’s & Low’s of last week (2nd August– 6th August)
High’s: 2.1935
Low's: 2.1511
A movement of 2%
Difference on £200,000
High: NZD 438,700
Low: NZD 430,220
Difference of: NZD 8,480
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
