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Monday 17th November 2008 Ranges NZD/USD 5456/5886 AUD/USD 6341/6972 NZD/AUD 8465/8810 Last weekMore of the same last week with the world equity markets gyrating all over the place. We saw further volatility in the FX markets but nothing that broke the currencies outside of the current ranges. Oil continues to grind lower, as world demand decreases due to the continued lowering of GDP forecast and especially Chinas actual growth, or reported growth - there appears to be a diverging gap there. Very weak retail sales data out from US which lead to a weak close in the Dow on Saturday morning. G20 came out with nothing new or inspirational, more of the same as we go forward there. What we didTraded the ranges in nzd and aud, running very small posies due to market conditions This weekHate to say but we will be seeing more of the same. It looks like we have settled into a wider range in the currencies but the market liquidity or lack of has some strange moves of late and we expect to see this continue. This week we have the US CPI which will be a shocker, and the RBA meet again expecting them to be very dovish as they try and get a handle on it all, their expectations are for much slower growth and lower inflation. What we will doKeep our cards close to our chests Look to sell NZD against AUD on rallies Monday 17th Nov Tuesday 18th Nov Wednesday 19th Nov Thursday 20th Nov Friday 21st Nov |
