Again the irrepressible Kiwi dollar was the week?s top performer. It scored a two and a half cent gain against Sterling and, again, it forced the Aussie into second place.
Forex traders were preoccupied by the earlier bailout of Spain and last weekend?s Greek general election, which could have tipped the country out of the single European currency. For daily technical analysis also see www.spread-betting.org analysis.
Investors did not expect that to happen so they were relatively relaxed about the FX world, tending to take advantage of the higher returns on antipodean currencies.
The most important event for the Kiwi was the Reserve Bank of New Zealand?s monetary policy update.
There was no change to the RBNZ?s Official Cash Rate, which remained at 2.5% as expected, but the central bank put a more positive spin on its economic outlook.
Coming up this week is the revised, figure for first quarter economic growth. Analysts predict 0.4% expansion, not as strong as Australia?s performance but entirely respectable in today?s crisis-ridden world.
By MoneyCorp.
CFDs, Forex and Financial Spread Trading carry a high level of risk to your capital and can result in losses larger than your initial stake/deposit. These forms of trading may not be suitable for everyone so please ensure you fully understand the risks involved. Where necessary, seek independent financial advice.
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