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Thread: Watching the exchange rate

  1. #1
    MotherBear's Avatar
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    Default Watching the exchange rate



    Currency: Kiwi tumbles nearly 1c overnight
    New 10:00AM Thursday August 07, 2008

    The New Zealand dollar fell nearly 1c against the greenback overnight and was around a 10-1/2-month low against the US currency this morning.

    At 8am, the kiwi was buying US71.81c, having been down near US71.70c shortly beforehand after falling from US72.65c about 7pm.

    The greenback hit a seven-month high against the yen as a drop in oil prices and renewed expectations of low Federal Reserve interest rates were seen as helping the sluggish US economy.

    Demand for the euro fell ahead of a policy meeting of the European Central Bank, which is widely expected to leave benchmark borrowing costs unchanged at 4.25 per cent.

    A report also showed German manufacturing orders for June dropped by a sharp 2.9 per cent and stoked fears of a sustained period of weakness in Europe's biggest economy.

    More here.
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    I'm watching it closely - at the moment I can get $2.71 /. Hope it stays like that until we come over in September
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    DizzyF is offline Member
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    I have spoken to HIFX about changing money and it may be worth talking to them about a future option to transfer funds as they are anticipating more interest rate cuts until the New Year so the exchange rate could work in favour of those wanting to change 's to $'s.

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    It's still creeping in the right direction.

    Sliding NZ dollar may end run around mid-US60c mark
    5:00AM Friday August 08, 2008
    By Errol Kiong

    The New Zealand dollar touched a fresh 10 1/2 month low against the US currency yesterday as the kiwi increasingly fell out of favour with investors.

    At 8am yesterday, the kiwi was buying US71.81c, having been down near US71.70c after falling from US72.65c overnight Wednesday. It rallied briefly yesterday afternoon following stronger than expected employment data, but ended the day not far from where it started, at US71.80c.

    It also eased against the euro, moving to a six-year low near 0.4650 euros. Against the Australian dollar, the kiwi was little changed at A78.85c, but it firmed against the yen to 78.68c.

    Deutsche Bank foreign exchange strategist John Horner said the kiwi had been under downward pressure over recent days, partially over concern that employment figures might have been worse than they actually turned out to be.

    He said it was becoming a less viable environment for the New Zealand dollar with the continuing expectation of an easing in interest rates, and global commodity prices under some pressure.

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    Smile

    Kiwi dollar falls to 11 month low
    10:00AM Tuesday August 12, 2008

    The New Zealand dollar fell to an 11-month low against the greenback shortly before 8am today, as the US currency gained while the price of oil continued to fall.

    By 8am the kiwi was buying US69.84c, having dropped to around US69.75c a little earlier, from US70.05c at 5pm yesterday. The NZ dollar has fallen sharply from around US77.60c in mid-July.

    While the kiwi declined overall during the night it did spike up earlier in the session, getting up near US70.85c.

    The ANZ bank said a tentative market had not been quite ready to take the NZ dollar lower as profit taking from recent positions spiked both the NZ and Australian currencies higher.

    "Enough local selling helped to cap and reverse things," ANZ said.

    "The relative story continues today with markets searching out the positive USD stories and focusing on falling commodity prices. This is likely to add to recent weakness in both the NZD and AUD throughout Asian trading today."

    Against the Australian dollar, the kiwi was continuing to hold onto the gains of the last fortnight, opening locally today at A79.14c from A78.98c at 5pm.

    The kiwi was also buying 0.4686 euro at 8am from 0.4675 at yesterday's local close, while against the yen it slipped to 76.94 from 77.08. The trade weighted index was 64.59 at 8am from 64.61.

    The US dollar rallied to a 5-1/2-month high against the euro, boosted by another drop in crude oil prices and speculation that the slowdown blighting the US economy was spreading worldwide.

    Mounting signs of economic difficulties in Europe, Asia and Australia have diminished prospects of higher interest rates outside the United States, bolstering demand for the greenback.

    - NZPA

    From here.
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    Thumbs up

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    Unhappy

    That didn't last long. Hope it's just a temporary rebound.

    Kiwi dollar rebounds strongly after plunge
    9:14AM Thursday August 14, 2008


    Tracking the NZ dollar

    After plunging to its lowest level in about a year against the greenback yesterday afternoon, the New Zealand dollar has since rebounded strongly.

    By 8am today the kiwi was buying US70.42c, from a low yesterday around US68.25c hit as Japanese investors offloaded the currency.

    The kiwi had fallen from around US70.80c on Monday evening and in its overnight rebound got up to near US70.60c.

    Bank of New Zealand currency strategist Danica Hampton said the NZ dollar was pressured yesterday by heavy selling from a variety of Asian accounts.

    Those flows appeared to be a mix of position squaring from speculative retail accounts and real money selling as longer term investors bailed out of NZ dollar denominated assets, she said.

    But the kiwi's weakness against the greenback proved to be short-lived.

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    Default its moving

    good time to get some cash out..
    Got 2.68 today on my nationwide card

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    The Omani rial is getting stronger against the NZ$ but we haven't got any left to send down now.

    Currency: Dollar volatile after surprise Aussie rate cut
    New 5:57PM Tuesday Oct 07, 2008

    A surprisingly large interest rate cut across the Tasman helped the New Zealand dollar recover from a two-year low, as the market seized on any positive news amid global gloom.

    The Reserve Bank of Australia's 100-basis point cash rate cut to 6 per cent, its largest since May 1992, sparked an initial fall then recovery in the Australian and New Zealand dollars.

    The US dollar and euro also jumped to session highs against the yen as the RBA action prompted talk of co-ordinated central bank action to stem the worsening credit crisis.

    "Certainly for the RBNZ on October 23, it increases their chances of a larger cut," said Westpac head of financial market sales, Jake Soares.

    The market had been factoring in a 50-point cut from the RBNZ and was slowly moving to 75 points.

    "I think now you'll possibly see the market here, particularly, move to maybe a 100-point cut by the RBNZ, given that we're further down the recessionary track than Australia is," Mr Soares said.

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  10. #10
    kokopeli is offline God like figure
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    The interbank system went so mental yesterday that my broker couldn't get through for a price! When he did, I got $2.75 - best price for sterling all year! I've just checked the rates this morning and it looks like we're in for a big slide....

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