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Hi All,

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

The Business NZ Manufacturing PMI (50.6) slipped in October but held above 50 denoting expansion from contraction and recorded its second highest level since April 2008. Encouragingly the forward looking sub-indices of new orders (53.4) and production (51.2), although softer, were able to consolidate in expansion territory and growth in activity was spread across all regions throughout NZ. Retail Sales (+0.2% m/m) were subdued in September and only managed to eke out a 0.1% gain in the whole July-September quarter, as consumers continue to be wary of inflating personal debt in the face of on-going job insecurity.

During the week both the Prime Minister and RBNZ Governor bemoaned the strength of the NZD and its drag effect on domestic production, but this was somewhat eclipsed by dairy giant Fronterra, which contributes 7% to NZ GDP (Gross Domestic Product), as it lifted its forecast payout to farmers by 20%..

NZD Movement – High’s & Low’s of last week (09/11/09 – 13/11/09)

High’s: 2.2850
Low’s: 2.2329

A movement of 2.33%

Difference on £200k

High: 457,000 NZD
Low: 446,580 NZD

Difference of: 10,420 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




Jon Sermon
HiFX
 
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