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Thread: World First Foreign Exchange - March NZ Update 2011

  1. #1
    Giles is offline Junior Member
    Join Date
    Apr 2010
    Raglan, NZ

    Default World First Foreign Exchange - March NZ Update 2011

    World First NZ Economic Update

    Prior to the Christchurch earthquake the economic recovery for NZ had started to falter. The earthquake has exacerbated the economy’s unsteadiness and the recovery is going to be prolonged as a result.

    In recognition of the economic struggle ahead the RBNZ cut the OCR by 50 basis points to put it at 2.5%. The OCR will likely now remain at this level for the next year.

    Currency Movement

    The NZ Dollar has lost ground to most of its pairings over the past few weeks. Firstly as a direct result of the NZ earthquake, but then furthered via risk aversion in light of the rise in tensions in North Africa and the Middle East, and the devastating earthquake and tsunami in Japan.

    GBPNZD - For the past couple of weeks GBPNZD has traded in the 2.16 – 2.20 range and looks like it might again test the GBPNZD 2.20 barrier that it has by and large remained below for the past year.

    EURNZD – Since the beginning of March the EURNZD rate has moved up from 1.84 to 1.8950 and looks likely to break upward of EURNZD 1.90 given the current trend. Currently sitting at the highs for the past year.

    NZDUSD – So far this month we have seen almost a 2% move down in the USD’s favour, from NZDUSD 0.75 to 0.7380. The US dollar is historically favoured in times of risk aversion so we may see further gains for the USD over the coming week or two.

    NZDZAR – As with the other NZD pairs the Rand has capitalised on a weakened NZ dollar and made a 3% gain since the beginning of March, down to NZDZAR 5.044 from 5.20
    If you have any questions about the above or regarding currency transfers and how World First (Best Foreign Exchange Rates for Currency Exchange, Transfers & Payments - World First) can help then please donâ??t hesitate to reply to this post or send me an email to

  2. #2
    Cliff's Avatar
    Cliff is offline Oh Masterful One
    Join Date
    Apr 2008
    Nelson, NZ
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    Spoken like a true currency trader. nice post Giles.


    Nelson, New Zealand
    NZ Citizenship in 2000, been in NZ 15 years now
    Arrived NZ in 1997 from Las Vegas, Nevada, USA

    "New Zealand isn't just a physical place it is a state of mind."

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