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NewZealand dollar faces calmer week, move on Chinese data



Part of the reason behind the particular fortifying kiwi was because of Fonterra's announcement that it would provide approximately $430 million in financial support for farmers to help them cope with the low payment.

US non-farm payroll data came out after Fonterra's announcement and it was generally positive, showing US employment rose solidly in July. Nonetheless, salary growth was disappointingly low.

Overall, the information provided more leeway for the Federal Reserve to hike interest levels in September.

For the NZ dollar, this particular meant a slight gain on the greenback to US66.12c late on Friday night.

On Monday morning hours it was trading at US66.15c .

ASB senior economist Jane Turner stated she anticipated markets to open up lower on Monday morning hours following bad economic data out of China over the weekend, which has the possibility to affect both the NZ and also Australian currencies.

Chinese producer prices in July hit their lowest stage since late 2009 and also have been slipping constantly for more than three years.

Exports tumbled 8.3 per-cent in the same month, their biggest fall in four months, as weaker global demand for Chinese goods plus a strong yuan policy hurt manufacturers.

Things appear dire for the earth's second-largest economy within the coming week, with additional financial info likely to show renewed weakeness in factories, investment and domestic spending.

It appears to be a quiet financial week ahead yet international occasions to watch out for are Australian wage progress and China retail sales and industrial production data out on Wednesday.

The key event for NZ this week will be the retail trade survey data out on Friday, which looks at consumer spending.