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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.

In good news for the general economy both permanent/long-term migrants (+17k y/y)and visitor arrivals (+9.3% y/y) recorded strong growth in September. The net gain in permanent migrants was the highest annual rise in 5 years and looks to be stabilizing after tighter immigration rules and the global financial crisis drove more New Zealanders overseas. Short-term arrivals recorded the largest monthly gain since April 2006, led by visitors from Australia and the US. The RBNZ (Royal Bank of New Zealand) has cited recent strong migration as a factor for improvements in the property market and domestic demand, however, consumers remain cautious as the country battles to emerge from recession as seen in a fall in Credit Card Spending (-1.0% m/m) that has been reined back due high interest rates and a reluctance to incur discretionary debt.

RBNZ Governor Bollard helped drive the NZD to a 15 month high last week after commenting that a high exchange rate is not necessarily an impediment to raising interest rates.

NZD Movement – High’s & Low’s of last week (19/10/09 – 23/10/09)

High’s: 2.2136
Low’s: 2.1574

A movement of 2.60%

Difference on £200k

High: 442,720 NZD
Low: 431,480 NZD

Difference of: 11,240 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
 
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