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MONDAY 3RD MAY 2010
Ranges NZD/USD: . 7101/7320 AUD/USD: . 9137/9321 NZD/AUD: . 7710/7871 Last week Basically the week revolved around the Greeks and their debt problems. Lots of rumours around early in the week about whether or not the rescue package was actually going to go through, kept everyone on their toes only for Greece to get downgraded to junk bond status. Unfortunately all those mid day siestas are now a thing of the past AS THEY are all going to have to work very hard to get the country back on track; obviously this is not popular as can be seen by all the protests. How many more European countries will we see go this way? RBNZ statement on Thursday was exactly as planned with Kiwi falling initially, then rallying later in the day as the big mover of the week NZD/AUD recovered lost ground and took out stops. What we did Sold Euros on rallies This week Already lots of fireworks this morning with the NZD/AUD jumping higher on the new mining tax in Aussie. Lots and lots of data out this week so it’s going to be a busy one with the RBA tomorrow and nonfarm payrolls and of course the big one here at home, the employment data. Watch the Euro as it continues to fall , this should keep a top on place in Kiwi along with the fact that most will now be out of their short NZD AUD positions, however that cross still looks well bid. Overall, a little more stability in the States, and a lot more of the opposite in Europe. What we will do Buy NZD/AUD on dips Sell Euros Buy USD/JPY
THE WEEK AHEAD Mon 3 May
NZ Apr ANZ Commodity Price Index Aus Q1 ABS House Price Index Apr TD-MI Inflation Gauge US Mar Personal Income Mar Personal Spending Mar Core PCE Deflator Apr ISM Manufacturing Mar Construction Spending Apr Auto Sales mn annualised Eur Apr PMI Factory (F) UK Early May Bank Holiday – – – Public holiday.
Tue 4 May
NZ Q1 Labour Cost Index Q1 QES Private Sector Aus May RBA Policy Meeting US Mar Factory Orders Mar Pending Home Sales Eur Mar Producer Prices Ger Mar Retail Sales UK Mar Net Consumer Credit Mar Net Mortgage Lending Apr PMI Factory
Wed 5 May
Aus Mar Dwelling Approvals US Apr Layoff Announcements Apr ADP Private Payrolls Chg Apr ISM Non-Manufacturing Fedspeak – – – Rosengren in Boston and New York on housing; also Lacker. Eur Apr PMI Services (F) Mar Retail Sales –0 UK Apr BRC Shop Price Index Apr Consumer Confidence Apr House Prices %yr Apr PMI Construction
Thu 6 May
NZ Q1 HLFS Employment Q1 HLFS Unemployment Rate Aus Mar Retail Trade Q1 Real Retail Sales Mar Int’l Trade Balance, AUDbn US Q1 Non-Farm Productivity Q1 Unit Labour Costs Initial Jobless Claims Apr Chain Store Sales Fedspeak – – – Bernanke on banking, in Chicago, introduced by Evans. Eur ECB Rate Decision Ger Mar Factory Orders UK Apr PMI Services Can Mar Building Permits Apr Ivey PMI non sa
Fri 7 May
Aus May RBA Statement on Monetary Policy US Apr Non-Farm Payrolls Chg Apr Unemployment Rate Mar Consumer Credit Fedspeak/Ex-Fedspeak – – – Plosser on eco outlook and Greenspan on banking. Ger Mar Industrial Production UK Apr Producer Prices Can Apr Employment |
