Best exchange rates- help

[Dawn]

Originally Posted by macfod

So, its a tough one but hey it could keep falling for a few weeks so 2.67 wasnt bad.

Shit!

[MotherBear]

What goes up must come down (eventually :rolleyes: ) and you've still got time on your side, Dawn.

Kiwi dollar just keeps on going up
5:00AM Thursday April 19, 2007
By Christopher Niesche

The kiwi dollar is likely to push to fresh highs after data yesterday showed the Reserve Bank still has not got inflation under control and may have to lift interest rates again next week.

After the release of the consumer price index yesterday, the kiwi jumped to its highest level since it was floated 22 years ago, rising to almost US75c. It hit a high of US74.93c, above a previous high of US74.65c in March 2005.

"We've seen every man and his dog buying the kiwi," said Bank of New Zealand currency strategist Danica Hampton, who predicted the currency would go higher still.

The rise of 0.5 per cent in the CPI in the March quarter "really reiterates the case that if [the Reserve Bank] wants to contain medium-term inflation they probably have further tightening to do and we expect them to hike next week".

A rise next Thursday would put the official cash rate at 7.75 per cent, among the highest in the developed world, and further increasing the attractiveness of Kiwi rates for foreign investors.

More here .

[MotherBear]

Hold on, Dawn! Fingers crossed.

'Sharp fall' in kiwi likely, says analyst
5:00AM Thursday April 26, 2007
By Hiroko Komiya

Global currency strategists are divided over whether New Zealand's uridashi boom can continue.

The kiwi dollar is "massively overvalued" and will fall 7 per cent against the yen in six months, says Stephen Koukoulas, chief Asia-Pacific strategist at TD Securities.

The "super strong New Zealand dollar is unlikely to rise further and appears to be near the point where a sharp fall is likely", he said on Tuesday.

High interest rates have been a lure for carry trades, where investors borrow at low interest rates in countries such as Japan, currently 0.5 per cent, and invest the funds elsewhere.

New Zealand's dollar has risen 5.2 per cent to 88.18 this year and 5.7 per cent against its US counterpart to post-float highs of more than US74c.

If Japanese investors redeeming uridashi bonds converted the proceeds into yen the decline in the dollar would be even sharper, Koukoulas said. Uridashi securities are foreign currency-denominated debt.

More here .

[MotherBear]

Is this the start of its decline?

NZ currency: Dollar ends just below US74c
New 5:30PM Friday April 27, 2007

The New Zealand dollar recovered from a hefty overnight fall to close the week just below US74c.

The kiwi fell against a range of currencies overnight as investors took note of concerns raised by the Reserve Bank against the strength of the kiwi.

The fall against a mildly strengthening greenback was particularly marked, with the NZ dollar falling from a near post-float high above US74.80c around 5pm to open at US73.70c. It ended on US73.95c.

Traders said the Reserve Bank initially looked to have succeeded in unsettling the market by yesterday describing the New Zealand dollar exchange rate as exceptional and unjustified as it raised interest rates 25 basis points to 7.75 per cent.

Those comments meet two of the criteria used by the Reserve Bank to decide whether to intervene in foreign exchange markets.

However, some buyers were unable to resist the interest rates on offer and the kiwi far from entering a free-fall, rebounded.

While most analysts believed Reserve Bank currency intervention was unlikely, the market appeared to have heeded the warning, ANZ Bank said.

More here .

[Dawn]

Come on!!!!

[MotherBear]

Still not good news, Dawn.

Currency: NZ dollar back on the rise
11:17AM Tuesday June 05, 2007


The New Zealand dollar early today hit a six-week high against the greenback and a month high against the Australian currency.

Yesterday it also hit a 15-month high against the euro and a 17-year high against the yen.

By 8.20am the kiwi was buying US74.66c from US73.96c at 4.30pm on Friday, while against the Australian dollar it was at A89.50c, having climbed a cent since Thursday night.

Bank of New Zealand currency strategist Danica Hampton said the NZ dollar had the dubious honour of being the strongest performing currency last week.

It had shrugged off Friday's stronger than expected United States non-farm payrolls release and instead climbed to a six-week high, Ms Hampton said today.

The evidence of rebounding US growth was one of the factors behind the New Zealand currency's recent rise.

It had boosted investors' risk appetite and reinvigorated demand for carry trades -- where investors borrow in low-yielding currencies such as the yen and invest in higher-yielding assets such as the kiwi.

Solid demand for the NZ dollar against the yen had pushed the kiwi to 91.10 yen, its highest level since August 1990, and helped underpin the kiwi against the greenback.

A range of offshore funds, models and momentum-driven funds had also been heavy buyers of the kiwi against the greenback, Ms Hampton said.

More here .

[Bermy Girl]

Agggghhhhhh! It's just amazing how much of a difference 2cents on the NZD can make a huge difference... Can't it wait until we've converted our money????

[ShellBda]

Well, I just had to obtain a draft to pay the deposit on our house and while I have been looking at the same exchange rates you all have, it would appear that the banks have their own rates!! Nevermind that they charged me $150.00 as a foreign currency fee on top of the fee for the draft! Ouch!

[kokopeli]

GB?1 = $2.57. Ouch!

[MotherBear]

Reserve Bank steps in to force down NZ dollar
4:10PM Monday June 11, 2007

The Reserve Bank of New Zealand has taken the extraordinary step of intervening in the money market to bring down the value of the New Zealand dollar.

The central bank has confirmed it intervened in the foreign exchange market, saying it regarded current levels of the exchange rate as exceptional and unjustified.

The NZ dollar tumbled more than 1 per cent against the US dollar today as currency traders in Asia cited rumours in the market that the RBNZ was intervening to sell the kiwi.

A few traders in Tokyo and Hong Kong cited talk of intervention by the central bank in explaining the New Zealand dollar's drop.

The kiwi slid to US75.25c from near US76.20c before the rumours circulated. The kiwi had struck a peak of US76.40c on Friday, the highest since the RBNZ allowed the currency to trade freely in 1985.

The kiwi also fell more than 1 per cent against the yen to near 91.60 yen, down from a 17-year high near 93 yen struck on Friday.

First NZ Capital's Brett Steven says the move may be unprecedented.

He thinks it is the first time the Reserve Bank has intervened since the currency was floated 22 years ago. He expects to see the dollar drop further as the European markets open overnight.

Finance Minister Michael Cullen said: "Today's action is a reminder to people if they over invest in the New Zealand dollar they could suffer losses."

More here .

Dollar tumbles after RBNZ intervenes