GBP/NZD Weekly Currency Update

Hi All,

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

As expected the RBNZ left rates unchanged at record low levels but slightly changed the tone in the post-decision statement that suggests monetary policy could be tightened in Q2 2010, a full quarter earlier than previous expectations.

The impression that NZ is slowly drawing its way out of recession was underpinned by the
Business NZ Manufacturing Index (51.8) that recorded its third straight month above the expansionary 50 level and although activity is not strong it is a vast improvement on the depths seen a year ago when the index hit a record low of 34.9.

This week Retail Sales and another measure of business confidence will be watched for continued improvements.


GBP/NZD Movement – High’s & Low’s of last week (07/12/09 – 11/12/ 09)

High: 2.3092
Low: 2.2211

A movement of: 3.97%

Difference on £200k

High: NZD 461,840
Low: NZD 444,220

Difference of: NZD 17,620

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