December 9th, 2009
The NZD has held its ground against the majors with the exception of the JPY over the last 24 hours after as number of releases failed to provide a strong direction to trade.
The local business day was dominated by Australian announcements which have again highlighted the country’s economic strength. Business confidence rose by three points to a seven year high of 19. Read Full Article »
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December 8th, 2009
The Kiwi opens today down from yesterday morning after a choppy day’s trading driven by the market’s attempts to rebalance after Friday’s US jobs data.
The Kiwi remained under pressure during yesterday’s local session, with the improved chance of an interest rate rise in the US pulling back demand for the high-yielding currencies. The local focus is well and truly on Thursday’s RBNZ announcement, with all 19 forecasters in the latest Reuters poll picking the rates to stay on hold – with the first raise still expected in Q2 next year. An announcement yesterday from the Treasury Read Full Article »
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December 7th, 2009
The Kiwi had a mixed weekend - staying steady against most of the majors, but slipping back against a broadly stronger USD.
Friday’s local session was dominated by investor uncertainty ahead of the evening’s non-farm payroll report. With expectations split, the investment community chose to adopt a wait-and-see approach and the resulting lack of participation saw the Kiwi unable to move from its opening levels.
And the data was worth the wait… according to the official US Labor Department release the US economy only shed 11,000 jobs in November. The surprisingly low number shocked the market (the expected result was approx 130,000 jobs lost) and combined with a positive revision of September and Read Full Article »
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December 2nd, 2009
The Kiwi opens today broadly stronger, as a combination of factors and releases has seen the investment community’s mood brighten.
The local session saw the Kiwi stay steady, as the market held back ahead of the late afternoon RBA announcement. As the analysts expected the RBA raised Australian interest rates by another 25bp, taking the rate to 3.75%. The AUD gained on the announcement, as investors were naturally happy with the news, and the Kiwi was pulled along for the ride. Surprisingly the Kiwi also gained against the AUD, though Read Full Article »
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December 2nd, 2009
After a lacklustre trading session an unprecedented 25bp hike by the RBA for a third month in a row did little to support the aussie as it was sold off post announcement. Non bullish comments coupled with a lack of urgency for the next rate hike weighed on the battler in the domestic session. Domestic Interest Rates have risen to 3.75%.
As the Dubai World woes from earlier in the week subsided and data from the US overnight was surprisingly upbeat, the safe haven allure of the Greenback diminished. Equity markets Read Full Article »
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