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MONDAY 21 JUNE 2010
Ranges
NZD/USD: .6886/7072
AUD/USD: . 8509/8728
NZD/AUD: .8027/8133
Last week
The big news last week came out right at the end of the week, as China pulled out a PR coup. They have said that they will be increasing the exchange rate flexibility over time. This of course had led to a significant rise in all the Asian currencies first up this morning.
Throughout the week the global asset markets settled down to one of the more consistent sessions of recent time. With a slow appreciation throughout the week and with the Europeans saying that the have the problems in hand, risk slowly but surely came on to the table and the curreices edged higher all week.
What we did
Sat on our hands to see further developments as the world asset markets needed time to consolidate
This week
Well as we have said the Kiwi AUD and other Asian currencies have jumped on the open here. This is due to a possible positive global re balancing. As such it is a positive for AUD and NZD. Indeed, the reality is that China hasn’t actually done a lot, and with the status quo largely intact, we will again go back to following equities for direction.
This whole China thing is leaving the market in two minds, the only thing it will do is support asset markets, so without any unforeseen events(yeah right) then Kiwi should consolidate above the 7040 resistance line which has been broken.
What we will do
Monitor the situation for a more confirmed view before entering into trades.
MONDAY 21-Jun
NZ Visitor Arrivals - MAY
New Zealand Net Migration SA - MAY
UK Rightmove House Prices (MoM) - JUN
Rightmove House Prices (YoY) - JUN
AU New Motor Vehicle Sales MoM - MAY
JN Nationwide Dept. Sales (YoY) - MAY
TUESDAY 22-Jun
NZ Credit Card Spending (YoY) - MAY
Credit Card Spending SA (MoM) - MAY
EC ECB Euro-Zone Current Account SA - APR
Euro-Zone Current Account nsa - APR
GE IFO - Business Climate - JUN
IFO - Current Assessment - JUN
IFO - Expectations - JUN
UK U.K. Budget Report Published - 22 Jun
WEDENSDAY 23-Jun
US Existing Home Sales MoM - MAY
House Price Index MoM - APR
Richmond Fed Manufact. Index - JUN
EC Euro-Zone Consumer Confidence - JUN A
NZ Current Account Balance - 1Q
Account Deficit-GDP Ratio - 1
GE GfK Consumer Confidence Survey - JUL
PMI Services - JUN A
PMI Manufacturing - JUN A
EC PMI Services - JUN A
PMI Manufacturing - JUN A
UK Bank of England Minutes - JUN
BBA Loans for House Purchase - MAY
THURSDAY 24-Jun
US New Home Sales - MAY
New Home Sales MoM - MAY
FOMC Rate Decision - JUN
NZ GDP QoQ - 1Q
GDP YoY - 1Q
JN Merchnds Trade Balance Total - MAY
AU Conference Board Leading Index - APR
Westpac-ACCI Survey of Ind Trends - APR
EC Industrial New Orders SA (MoM) - APR
FRIDAY 25-Jun
US Durable Goods Orders - MAY
Durables Ex Transportation - MAY
Initial Jobless Claims - 19 Jun
Continuing Claims - 19 Jun
NZ Trade Balance - MAY
Imports - MAY
Exports - MAY
NZ Trade Balance 12 Mth YTD - MAY
JN Natl CPI YoY - MAY
Natl CPI Ex Food, Energy YoY - MAY
CH Industrial Profits YTD YoY - MAY
GE Import Price Index (MoM) - MAY
SATURDAY 26-Jun
US GDP QoQ (Annualized) - 1Q T
Personal Consumption - 1Q T
Core PCE QoQ - 1Q T
U. of Michigan Confidence - JUN F |
