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Currency Concepts - Delivering an Alternative Investment



NZD/USD:           .7636 7802

AUD/USD:           . 9736 9903

NZD/AUD:           . 7841/7908

Last week

As we predicted a further sell off in the currencies against the USD last week, as commodity prices fell and Ireland problems refused to go away. On top of this the USD markets rallied as the market continued to reposition itself.

Ireland actually swallowed its pride and finally asked for assistance to help keep the country liquid, however the rally in the Euro was short lived, as the markets digested the fact that it wont be long before other countries are after the same bailout package and they are starting to run out of Euros.

Local data was a little better than expected, but was largely ignored for bigger global concerns

This week

The global concerns will affect the Kiwi more than anything that will be released here this week. With the tit for tat over strong/weak USD continuing, it will be an interesting week to see where things end up. The continuing Eurozone problems will not fade so expect to see Euro under pressure

Kiwi should remain within the 7630-7930 band but watch to see if AUD can continue to hold up any further gains as the market looks a little too long that pair.

Fund update

The final letter is now in draft awaiting final sign off.


Monday 22-Nov


Tuesday 23-Nov

US   Chicago Fed Nat Activity Index - OCT

EC   Euro-Zone Consumer Confidence - NOV A

NZ   RBNZ 2yr Inflation Expectation - 4Q

GE   GfK Consumer Confidence Survey - DEC

     GDP nsa (YoY) - 3Q F

     GDP s.a. (QOQ) - 3Q F

     PMI Manufacturing - NOV A

     PMI Services - NOV A

EC   PMI Composite - NOV A

     PMI Manufacturing - NOV A

     PMI Services - NOV A

UK   BBA Loans for House Purchase - OCT


Wednesday 24-Nov

US   GDP QoQ (Annualized) - 3Q S

     Personal Consumption - 3Q S

     GDP Price Index - 3Q S

     Core PCE QoQ - 3Q S

     Existing Home Sales MoM - OCT

     Richmond Fed Manufact. Index - NOV

     Minutes from Nov 2-3 FOMC Meeting

AU   Conference Board Leading Index - SEP

     CBAHIA House Affordability - 3Q

     Construction Work Done - 3Q

JN   Nationwide Dept. Sales (YoY) - OCT

GE   IFO - Business Climate - NOV

     IFO - Current Assessment - NOV

     IFO - Expectations - NOV

UK   GDP (QoQ) - 3Q P

     GDP (YoY) - 3Q P

     Index of Services (MoM) - SEP

     Index of Services (3mth/3mth) - SEP

EC   Industrial New Orders NSA (YoY) - SEP

     Industrial New Orders SA (MoM) - SEP


Thursday 25-Nov

US   Durable Goods Orders - OCT

     Durables Ex Transportation - OCT

     Cap Goods Orders Nondef Ex Air - OCT

     Cap Goods Ship Nondef Ex Air - OCT

     Personal Income - OCT

     Personal Spending - OCT

     PCE Deflator (YoY) - OCT

     PCE Core (MoM) - OCT

     PCE Core (YoY) - OCT

     Initial Jobless Claims - Nov 20

     Continuing Claims - Nov 13

     U. of Michigan Confidence - NOV F

     House Price Index MoM - SEP

     House Price Purchase Index QoQ - 3Q

     New Home Sales - OCT

JN   Merchnds Trade Balance Total - OCT

AU   Private Capital Expenditure - 3Q


Friday 26-Nov

JN   Natl CPI YoY - OCT

     Natl CPI Ex Food, Energy YoY - OCT

CH   MNI Business Condition Survey - NOV

GE   Import Price Index (MoM) - OCT

     Import Price Index (YoY) - OCT

EC   Euro-Zone M3 s.a. 3 mth ave. - OCT

     Euro-Zone M3 s.a. (YoY) - OCT





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