The Australian dollar has retreated from highs seen yesterday again testing support levels around 0.6300 as a correction swept across markets. Talk of the Chinese stimulus package proved to be overdone in what was a classic case of buy the rumour and sell the fact. Chinese premier Wen Jiabao disappointed markets as he failed to announce any addition to the original 4-trillion-Yuan stimulus package in his annual speech overnight. Read Full Article »
Aussie Falters as China Hopes Fizzle
March 20th, 2009
Share this article:
| tags:general motors, Gold, Greenback, Interest Rate, Interest Rates, lows, Market sentiment, recession, Risk Aversion, STI, Stimulus Package, unemployment, Unemployment Rate
Aussie Falters as China Hopes Fizzle
March 6th, 2009
The Australian dollar has retreated from highs seen yesterday again testing support levels around 0.6300 as a correction across markets was prompted. Talk of the Chinese stimulus package proved to be overdone in what was a classic case of buy the rumour and sell the fact. Chinese premier Wen Jiabao disappointed markets as he failed to announce any addition to the original 4-trillion-Yuan stimulus package in his annual speech overnight. Read Full Article »
Share this article: | tags:general motors, Gold, Greenback, Interest Rate, Interest Rates, lows, Market sentiment, recession, Risk Aversion, STI, Stimulus Package, unemployment, Unemployment Rate
Kiwi up as stock markets rebound
March 5th, 2009
The Kiwi climbed overnight as a small degree of confidence returned to global equity markets.
It wasn’t all sunshine and kittens for the Kiwi though as the local session saw it and AUD pulled back from the previous night’s gains. The biggest drop came when the Australian GDP figures were released showing a surprising contraction of 0.5% in Q4 2008 – the first drop in 8 years and considerably under the expected 0.2% rise. The AUD dropped a cent against the USD on the news (pulling the Kiwi lower) as investors wondered whether the RBA’s confidence had been misplaced, with pressure now being brought to bear for a large rate cut in April. Read Full Article »
Share this article: | tags:gdp figures, global economy, global equity, house price, Interest Rate, kiwi, rally, RBA, risk appetite, STI, Stimulus Package, Stock Market, stock markets, USD
Aussie Up on China Hopes
March 5th, 2009
Australia saw it’s first shock GDP contraction in eight years in yesterdays domestic session. GDP figures came out at -0.5% vs a positive expectation. The AUD spiraled towards 0.6300 as analysts started pricing in further rate cuts for April. Read Full Article »
Share this article: | tags:gdp figures, Gold, Greenback, Interest Rate, Job losses, losses, lows, Market sentiment, NZD, rally, risk appetite, STI, Stimulus Package, Trade Balance, USD, Wall Street
Yen Decline
March 5th, 2009
Asian Currency Trading - Yen Battered
The yen traded near the weakest level in almost four months against the dollar after a government report showed Japanese companies slashed spending at the fastest pace in a decade, damping demand for the currency. “Recently the sensitivity is high to bad data so the yen will be under pressure and the risk is for the downside,” said Masafumi Yamamoto, head of foreign-exchange strategy for Japan at Royal Bank of Scotland Group Plc in Tokyo and a former Bank of Japan currency trader. “The yen bear trend will continue” and the currency may test 100 per dollar today, he said. The yen traded at 99.01 versus the greenback as of 8:54 a.m. in Tokyo, after touching 99.49 yesterday, the weakest level since Nov. 10. Read Full Article »
Share this article: | tags:Greenback, New Zealand Dollar, new zealand dollars, NZD, STI, Stimulus Package, Yen
