Tuesday, 7 August 2007

RBNZ intervention numbers out

Figures released today show the RBNZ sold a net NZD702 mln in June. The first intervention (officially confirmed) was on 11 June when the NZD/USD was at 0.7620, with other unconfirmed interventions happening in June and July at various higher levels.

Given that the NZD/USD is currently at nearly two month lows of 0.7570, I would say, at this point anyway, the RBNZ is ahead of the game!


Gman said...

Ahead of the game?? Are you kidding? Are you saying that there is a causational relationship between the RBNZ releasing these funds and the dollar dropping?

Kiwi Trader said...

No, the NZD has dropped because of offshore pressure, nothing to do with the RBNZ. When I say ahead of the game I mean they are in profit on the interevention undertaken so far. They will, at a guess, move back into loss if the NZD/USD moves back over 0.7700.