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TUESDAY 20TH JULY 2010
Ranges
NZD/USD: . 7031/7291
AUD/USD: . 8634/8851
NZD/AUD: . 8130/8261
Last week
Continued weak data out from NZ last week capped the Kiwi as it broke higher through the 7150 resistance level. With the break only lasting a short period, it now looks like the break was false.
With some massive squaring of short positions in the AUD being covered last week, Kiwi continued to ride the coat tails of our big brother across the ditch. However, with the markets still watching the global asset markets closely, all the currencies are getting belted around as news and events compound.
This week
With some good German data out of late, the Euro has pushed higher against all the currencies as the market has been caught short Euros. This has seen some renewed optimism in the Euro zone, even after Ireland was downgraded, that should continue through this week.
However, the US is doing all it can to spoil the party with some very lacklustre data.
This week will, once again, follow the asset markets but we are getting the feeling that the Euro has corrected enough and the levels are getting close for a reversal. So watch this space for further developments.
THE WEEK AHEAD
MONDAY 19-Jul
NZ Performance Services Index - JUN
UK Rightmove House Prices (MoM) - JUL
Rightmove House Prices (YoY) - JUL
EC ECB Euro-Zone Current Account SA - MAY
GE Bundesbank Publishes Monthly Report - JUL
US NAHB Housing Market Index - JUL
TUESDAY 20-Jul
AU Reserve Bank's Board July Minutes - JUL
JN Leading Index CI - MAY F
Coincident Index CI - MAY F
GE Producer Prices (MoM) - JUN
Producer Prices (YoY) - JUN
UK Public Finances (PSNCR) - JUN
Public Sector Net Borrowing - JUN
M4 Money Supply (MoM) - JUN P
M4 Money Supply (YoY) - JUN P
Major Banks Mortgage Approvals - JUN
CBI Business Optimism - JUL
WEDNESDAY 21-Jul
US Housing Starts MOM% - JUN
Building Permits MOM% - JUN
NZ Visitor Arrivals - JUN
New Zealand Net Migration SA - JUN
AU Westpac Leading Index (MoM) - MAY
NZ Credit Card Spending (YoY) - JUN
Credit Card Spending SA (MoM) - JUN
UK Bank of England Minutes - JUL
THURSDAY 22-Jul
AU NAB Business Confidence - 2Q
RBA Foreign Exchange Transactn - JUN
NZ ANZ Consumer Confidence MoM - JUL
ANZ Consumer Confidence Index - JUL
JN All Industry Activity Index (MoM) - MAY
GE PMI Manufacturing - JUL A
PMI Services - JUL A
EC PMI Composite - JUL A
PMI Services - JUL A
PMI Manufacturing - JUL A
UK Retail Sales Ex Auto Fuel(MoM) - JUN
Retail Sales w/Auto Fuel (MoM) - JUN
EC Industrial New Orders SA (MoM) - MAY
FRIDAY 23-Jul
US Initial Jobless Claims - 17 JUL
Continuing Claims - 10 JUL
Existing Home Sales - JUN
Existing Home Sales MoM - JUN
House Price Index MoM - MAY
Leading Indicators - JUN
EC Euro-Zone Consumer Confidence - JUL A
AU Import price index (QoQ) - 2Q
Export price index (QoQ) - 2Q
GE IFO - Business Climate - JUL
IFO - Expectations - JUL
UK GDP (QoQ) - 2Q A
GDP (YoY) - 2Q A
Index of Services (3mth/3mth) - MAY |
