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

As expected the RBNZ left monetary policy on hold for a sixth straight month and left the content and tone of the post-decision statement very much the same as in December; the central bank reiterated that interest rates would remain on hold until mid-2010, though the market is pricing in the first hike in the cycle to come as early as April.
Other data during the week was mixed, with Credit Card Spending (+1.8% y/y) suggesting that consumer confidence is gradually returning but the Trade Balance (-170m) disappointed as exports declined for a 4th straight quarter and Building Consents (-2.4% m/m) slipped back in December, although the overall trend since mid-2009 has been positive. This week employment data will hold centre stage on the domestic front.

GBP/NZD Movement – High’s & Low’s of last week (25/01/10 – 29/01/10)

High’s: 2.2985
Low’s: 2.2467

A movement of:2.31%

Difference on £200k

High: NZD459,700
Low: NZD449,340

Difference of: NZD10,360

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.


Mark Bodega
Director - HIFX
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