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Tuesday 25th January 2011

 

Ranges

NZD/USD: 7524/7791

AUD/USD: 9832/1.0076

NZDAUD:  7645/7794

 

Last week

Kiwi opened the week strong but failed once again near 78cents and after the weak CPI release it fell out of bed along with the Euro and AUD. The ongoing issues in Europe just won’t go away and continue to weigh heavily on all the currencies. However, a late rally on Friday pushed Euro higher as the market was caught short.

NZD/AUD fell from the highs as expected after the CPI data and now looks to bounce around the current range

This week

More of the same, I know it sounds lame but the European rhetoric will not go away anytime soon so the market will bounce around on any release.

Kiwi appears to be range bound for now but I think that the domestic economy continues to underperform and that will cap any rallies of significance.

Watch the OCR this week for nothing as the RBNZ  stays on hold and keeps the statement very similar.

FOMC from the states on Thursday will be watched closely to see if there’s any change.

 

Fund

Still awaiting  the  final sign off as we said last week, it is in motion but it needs to do the round of 4 sets of legal teams first, so it takes a couple of weeks and is one of the reasons that it has been so slow in coming out

 

 

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