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Monday 5th July 2010
Ranges
NZD/USD: .6798/7061
AUD/USD: .8325/8715
NZD/AUD: .8093/8230
Last week
Once again proceedings overseas dominated last week. Everything was looking rosy at the start of the week, but then more European debt issues abounded. You can’t say safely that all the bad news is out yet and it’s not, there will be more to come. The risk trades received a firm whack as the asset markets continued to tumble. The only saving grace for NZD and AUD was the new Aussie prime Minister sorting out the mining tax issue, this gave the AUD a boost in the pants late in the week and Kiwi climbed along for the ride. The US nonfarm, payrolls or employment data out on Friday was worse than expected but not that significant.
What we did
Still awaiting further trend and a few more extreme moves
This week
Thanks Giving Day in the States so it will be a quiet start to the week with nothing really happening tomorrow.
I know it sounds like a broken record but the world will continue to watch the Europeans and the asset markets to determine where what goes which way next.
Kiwi looks like it’s found a range so there should be some nice trading parameters coming in.
What we will do
Trade the range of last week but only at the extremes so as not to get cut up in the noise.
THE WEEK AHEAD
Mon 5 Jul
Aus Jun TD-MI Inflation Gauge
Jun ANZ Job Ads
US Independence Day Holiday – – – Markets closed.
Eur Jun PMI Services .
May Retail Sales
Jul Sentix Investor Confidence
UK Jun PMI Services
Tue 6 Jul
NZ Q2 NZIER Business Confidence
Aus Jul RBA Policy Decision
May Int’l Trade Balance
US Jun ISM Non-Manufacturing
Can May Building Permits .
Wed 7 Jul
US Fedspeak – – – Kocherlakota speaking in Canada on economy, regulation.
Eur Q1 GDP (F)
Ger May Factory Orders
UK Jun BRC Shop Prices
Can Jun Ivey PMI nsa
Thu 8 Jul
Aus Jun Employment chg
Jun Unemployment Rate
US Initial Jobless Claims
Jun Chain Store Sales %yr
May Consumer Credit
Jpn May Machinery Orders
May Current Account
Jun Bank Lending
Eur ECB Rate Decision
Ger May Industrial Production
UK BoE Rate Decision
May Industrial Production
Can May New House Prices
Fri 9 Jul
NZ J un Electronic Card Transactions
US May Wholesale Inventories
UK May Visible Trade Balance
Jun Producer Prices
Can Jun Employment chg
Jun Housing Starts
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