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NZD fears of recession

Monday, 04 August 2008

Following the interest rate cut on 23rd July, the Kiwi Dollar has continued to weaken against the pound, seeing the rate rise to over 2.70. With the economy struggling amid fears of recession, analysts predict further interest rate cuts causing a volatile kiwi dollar.
The GBP/NZD cross is now at its highest since December 2007, but with the pound also struggling in the global market, analysts believe the rate should stabilise around the current level, with neither currency strong enough to exert strength over the other. The only data release in New Zealand this week is the labour cost index for the private sector, which is likely to have an insignificant impact on the currency rate.
We do not anticipate any major swings in the GBP/NZD cross over the next week, therefore it would be advisable to set up limit orders to take advantage of the high points of the market.

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