Thursday 15th May 2008
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According to Sargon Elias, General Manager, CMC Markets New Zealand a number of their clients involved in online FX trading have made significant profit in the last 24 hours as they had gone short on the New Zealand dollar.
"Our clients have obviously been watching the trends and various announcements around housing and retail figures closely because no-one has taken a long position on the New Zealand dollar."
Elias believes that latest retail figures will mean Reserve Bank Governor Allan Bollard will cut interest rates if not in July definitely in September which is sooner than may expected.
"He has got the slow down he was looking for in housing and spending so he has room to move but the downside of falling dollar is that already high fuel prices will continue to climb and that has the potential to impact on inflation."
As far as FX traders are concerned Elias expects them to continue to go short on NZD. "We believe the dollar will continue to drop as market data confirms the economic slow down."
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