NZ/USD dropped after two subsequent news

NZD/USD rate dropped subsequently in 12 hours by 0.013 from 0.6890 to 0.6760 after two significant information on NZ economic review from Reserve Bank Governor, Mr. Bollard and Finance Minister, Mr. Cullen.

No change to cash rate
26.01.06 9.00am

The Official Cash Rate (OCR) will remain unchanged at 7.25 per cent.

"The economy has continued to slow in recent months, broadly in line with the outlook contained in our December Monetary Policy Statement", Reserve Bank Governor Alan Bollard said today. [link]

Cullen fails simple maths test

By Ainsley Thomson
Finance Minister Michael Cullen told hundreds of thousands of radio listeners that the unemployment queue would grow by an alarming 20,000 people by the end of the year.

A few hours later the normally unerring Dr Cullen said he had made a mistake, but admitted that an extra 8000 people would be unemployed by March next year. [link]

Say that I'm a speculator who sells @ 0.689 and buys back @ 0.676 a million NZD with USD. In twelve hours I can earn 1,000,000 x 0.013 = 13,000 USD.

Anyway, looking back my old posting, I should have been rich by now.


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