Yes indeed. 'Their' quoted cross rate.:)
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AUD/NZD hit 1.1445... has pulled back a touch but still a very impressive drop in the NZD Vs AUD ... I don't see this turning around anytime soon still think 1.15 will be crossed before the years out
looking like our RBNZ pushing rates up at insane levels Vs Aus much slower move north along with higher inflation numbers in NZ seems to be pushing up NZD value Vs AUD/NZD at present 1.07692 ....
Its been a savage retracement since the 1.13 and I had been selling into that
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I'm thinking that once this momentum downwards wanes, there will be support around 1.05 for at least a while. before we head back to approaching parity. but certainly no hurry to put anything back to AUD yet.
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Parity AUD/NZD is going hurt all NZ to Aus exporters yet another kick to the guts for many in the sector reeling under mass inflation in costs operating in this country that one major advantage ... I worked for couple decades in a seasonal fishing operation that exported 90% of the catch to Aussie and we would see earnings movements each year in pricing directly to AUD/NZD ... from what I'm hearing NZ fisherman are very much following NZ Mining and O&G businesses ...
Upside will be great for the Major Aus Businesses that operate here as their AUD Profits will increases on higher NZD ... I'd like to know exactly how much of NZ spending heads Aussie Companies ..would be HUGE .... when you think all the major Banking , media ,foodstuffs,NZ sugar ,Glenbrook steel, Tiwai etc ...
Smart Kiwis will be making the most of the strong NZD on the back of high rates to get investment funds out and into AUD IMHO
I've got a pretty good deal with ASB private bankers in AKD .. they give me pretty good shading for a small timer ... I did check with some of these FX dealers in Aus ..but was no better deal ..and I've had good dealings with the ASB guys when it comes to paying for AUD.. CR options exercising etc all very straight forward ...
I'd certainly shop round ....I once priced up westpac who I lend off for the markets .. and for the same amount I was just over $700 worse off converting AUD to NZD with them Vs ASB P.B..... can't recall the exact amount think it was like 70-80k AUD
low was 1.047 and we went back to almost 1.1 (highest on my chart was 1.096 ) and we're having a pullback on that retracement. we may wiggle around here or even go to 1.12 ish before we go lower again so no further transactions unless we go to 1.12 then I will bring some more back to NZ.
If Orr doesn't raise at least half a percent this week it's a signal for further NZD weakness.