The pound lost a further one and a half cents to the kiwi following negative UK data, and as the aussie rate hike put the focus on the next RBNZ rate decision. Fears that Britain’s fragile economic recovery is faltering were sparked after official figures revealed a surprise fall in industrial output in August. The data showed a 1.9% drop in manufacturing output month on month, a full 2.5% below the market prediction, encouraging further pound selling. The kiwi also benefited indirectly from the 25 basis point rate rise in Australia, which supported demand for higher-yielding currencies.
Posts Tagged ‘New Zealand Dollar’
Kiwi found support from the strength of its neighbour yesterday, and as global equities rallied strongly
Posted by admin on October 7th, 2009
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Some Basics of Forex Trading
Posted by Tushar Mathur on October 4th, 2009
If you are new into the Forex trading and want to gain some quick knowledge on the Forex trading then in that case here are some basics to help people like you. The Forex market is somewhat different than other markets and one need not open for the market to open. The reason being somewhere on the globe its morning and thus the market is in swing there, unlike the stock market so you have a 24/7 exposure to the market. Under mentioned are some of the market timings.
Data revealed a growing confidence among New Zealand businesses, which has driven the pound down further
Posted by admin on October 1st, 2009
The pound reverted back to its downward trend against the kiwi in trading yesterday, losing 0.8% to close the day near last week’s lows at 2.2163. A strong jump in a New Zealand business confidence survey added to evidence that the economic recovery is gaining pace, supporting demand for the kiwi. The Reserve Bank of New Zealand published a bright economic outlook yesterday, which was also picked up on by investors with expectations for a rate rise strengthening. Additionally, in the US, the second quarter GDP figure was revised upward revealing that the economy had contracted by less than initially expected, which supported a move into riskier assets, although weak employment data did offset this trend slightly.
Sterling fell just 0.03% against the kiwi yesterday, but has suffered in trading this morning
Posted by admin on September 29th, 2009
The pound slowed its rate of decline against the kiwi yesterday, falling just 0.03% as weak Asian trading dulled risk appetite.The pound slipped lower, but stemmed its rate of decline as demand for the higher-yielding currency was curbed following weaker trading on the Asian markets. Sterling has been broadly sold recently following comments from the King and BoE, however the strong European stocks prevented the pound from sliding too sharply yesterday. Major European and US stock indices climbed between 1 and 2%, firming up confidence in the global recovery, and lending slight support to the ailing pound.
Bearish sentiment towards the pound on Friday allowed the kiwi to make substantial gains
Posted by admin on September 28th, 2009
The kiwi dollar climbed another 1.2% on Friday, as demand for the high yield currency remained strong in the wake of positive economic data. Investors continued to move their funds into the riskier currency on Friday as data in the US revealed a strengthening economic recovery. Selling pressure on the pound was also high on Friday as comments from the BoE revealed their willingness to see the currency remain weak, undermining investor confidence. The kiwi also received support from a slight rise in oil prices. The New Zealand dollar tends to fair well when commodity prices are on the up owing to the nature of the economy.
Positive economic data from NZ, keeps the kiwi rallying higher vs sterling
Posted by admin on September 25th, 2009
The New Zealand dollar advanced for the third consecutive day yesterday, as demand for kiwi assets remained high and as sterling weakness becomes ever more apparent. The kiwi gained another two and half cents (1.1%) yesterday after the BoE announced that it was perfectly content with a lower currency exchange rate and was unlikely to initiate any type of tightening into its monetary policy for the foreseeable future.The kiwi also continued to be supported by positive economic data from New Zealand, which supported claims that the RBNZ is considering raising interest rates.The New Zealand currency has found support today after the G20 did not indicate any imminent withdrawal of stimulus measures, triggering a rush back into higher-yielding assets.Initially the kiwi lost ground following disappointing local trade data released late last night, but it has rebounded strongly, climbing 0.75% in trading so far today.
British Pound Volatility Threat High as Currency Markets Focus on BOE Minutes (Euro Open)
Posted by admin on September 23rd, 2009
The British Pound may be in for a volatile session ahead as the release of minutes from this month’s Bank of England monetary policy meeting top the economic calendar in European hours. Currency markets were active in overnight after New Zealand GDP unexpectedly expanded and the Chinese central bank deputy governor sounded off against the US Dollar.Key Overnight Developments• Currency Surges as New Zealand GDP Unexpectedly Grows in Second Quarter• USD Drops After PBOC’s Hu Says Dollar-Reserve System Must ChangeCritical LevelsThe Euro trended higher against the US Dollar in overnight trading, testing as high as 1.4842. The British Pound also advanced, adding as much as 0.4% against the greenback.
Currency Markets to Trade with Risk Sentiment on Thin Economic Calendar (Euro Open)
Posted by admin on September 22nd, 2009
Currency markets are likely to continue looking to risk sentiment to drive price action with another thin economic calendar on tap in European trading hours. Switzerland’s Trade Balance report and the SECO economic forecast update are set for release.Key Overnight Developments• NZ Current Account Surprises With Surplus in Q2 as Imports Fall• US Dollar Sold in Overnight Trading as Stocks Gain on Asian ExchangesCritical LevelsThe Euro added 0.3% against the US Dollar to retake the 1.47 level in overnight trading. The British Pound followed suit, testing as high as 1.6258.
Euro, British Pound May Decline Against US Dollar as Equity Futures Point Lower (Euro Open)
Posted by admin on September 15th, 2009
The Euro and the British Pound may see selling pressure with US stock index futures are trading down nearly 1% ahead of the opening bell in Europe, pointing to sagging risk appetite that stands to boost the safety-linked US Dollar. Germany’s ZEW survey of investor confidence, Swiss Industrial Production, and UK CPI highlight the economic calendar.Key Overnight Developments• New Zealand Manufacturing Falls Most on Record in Second Quarter• UK House Prices See First Gains in Two Years on Low Supply, Says RICS• Australian Dollar Falls as RBA Minutes Weigh on Rate Hike ExpectationsCritical LevelsThe Euro traded lower in Asian trading, slipping as much as -0.3% against the US Dollar.
US Dollar Surges as Stocks Drop in Asian Trading, Boosting Demand for Safety (Euro Open)
Posted by admin on September 14th, 2009
The US Dollar raced higher to start the trading week as stocks sold off in Asian trading and US equity index futures pointed to a sharply lower open on Wall St in the day ahead. New Zealand Retail Sales unexpectedly fell in July. Swiss PPI and Euro Zone employment and industrial production figures are on tap ahead.Key Overnight Developments• New Zealand Retail Sales Unexpectedly Drop in July as Unemployment Rises• US Dollar Surges As Stocks Drop in Asian Trading, Boosting Demand for SafetyCritical LevelsThe US Dollar pummeled both the Euro and the British Pound to start the trading week, with both currencies falling as much as -0.6% against the greenback as stocks sold off in Asian trading and US equity index futures pointed to a sharply lower open on Wall St in the day ahead.
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