NZ Traders Flocking to Foreign Exchange

Media Release
24 July 2007

NZ Traders Flocking to Foreign Exchange on Back of Climbing Kiwi Dollar

The continuing hike of the New Zealand dollar is making the foreign exchange market extremely attractive for many Kiwi traders.

CMC Markets, which offers online FX trading to retail investors, has noticed a huge upturn in FX trading.

“Over the last month the number of client positions on the NZ/USD has doubled and we are seeing clients taking much larger positions,” says Sargon Elias, General Manager, CMC Markets New Zealand. “We offer our clients over 3000 CFD-based instruments across 18 global markets, and out of this the NZ/USD is currently our most heavily traded product.

“Many are taking short positions trying to find the top of the market. Eighty-two cents seems to be the limit many of our clients are predicting before they expect the dollar to fall.”

However, Elias offers a note of caution for amateur speculators attempting to cash in on the wayward kiwi. “It may seem like an easy way to make a quick buck, but we would strongly suggest to anybody looking to trade the markets to spend time doing their homework before placing a real trade.”

ENDS

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