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Last week

The week was dominated by the strength of the USD, this was mainly due to a very weak Euro as continued concerns around European debt levels refuse to go away. With Spain, Ireland and Portugaul all getting downgrades last week the outlook for these countries (and more) is far from certain. We have even heard gossip that Germany is making noise about leaving the Euro.

Data here at home has been very weak, with some of the poorest retail sales data released in years. This was the first retail sales data following the increase in GST so it wasn’t too unexpected that it would be negative, however the size of the decrease was extraordinary.


This week

Further developments in Europe will be the key drivers from here, we  expect to see no change in the theme as the markets chase their tails into the festive season

Kiwi land has another big week of data ahead just to round off the year. With GDP, and current account due Wednesday and Thursday. This will be key to see whether or not Kiwi can hold here above the key support levels. We think that Kiwi will push lower at any rate as the European issues will continue to lean on the bird and the flight to USD assets will strengthen the big dollar


Fund Update

With the festive season upon us and the lawyers closing up, we do not expect any progress before mid January 2011.  We will be pushing for a resolution before the end of January.


Have a great Christmas and a happy new year.




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