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Monday 17th November 2008 Ranges NZD/USD 5456/5886 AUD/USD 6341/6972 NZD/AUD 8465/8810 Last week More 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 did Traded the ranges in nzd and aud, running very small posies due to market conditions This week Hate 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 do Keep our cards close to our chests Look to sell NZD against AUD on rallies Monday 17th Nov
AUS
REAL RETAIL SALES, SEP QTR (0030)
US
INDUSTRIAL PRODUCTION, OCT
CAPACITY UTILISATION, OCT (1415)
NZ
FOOD PRICES, OCT (2145, SUN)
EURO AREA
TRADE BALANCE, SEP (1000)
FRANCE
BUSINESS SENTIMENT, OCT (0630) Tuesday 18th Nov
AUS
RBA MEETING MINUTES, NOV (0030)
US
PPI, OCT (1330)
NET LONG-TERM TIC FLOWS, SEP
NAHB HOUSING INDEX, NOV (1800)
ITALY
TRADE BALANCE, SEP (0900)
CURRENT ACCOUNT, SEP (1000)
UK
CPI, OCT (0930) Wednesday 19th Nov
AUS
RBA GOVERNOR GLENN STEVENS SPEAKS TO THE CEDA ANNUAL DINNER, MELBOURNE (0830)
RBA ASSISTANT GOVERNOR MALCOLM EDEY SPEAKS TO THE AUSTRALIA AND JAPAN ECONOMIC OUTLOOK CONFERENCE 2008
NEW MOTOR VEHICLE SALES, OCT
US
CPI, OCT (1330)
FOMC MEETING MINUTES, OCT
HOUSING STARTS, OCT (1330)
BUILDING PERMITS, OCT (1330)
UK
BANK OF ENGLAND MEETING MINUTES, NOV (0930) Thursday 20th Nov
AUS
RBA BULLETIN, NOV (0030)
US
LEADING INDICATORS, OCT (1500)
CANADA
LEADING INDICATORS, OCT (1330)
EURO AREA
ECB GOVERNING COUNCIL MEETING. NO INTEREST RATE ACCOUNCEMENT SCHEDULED.
PMI MANUFACTURING (prelim), NOV
PMI SERVICES (prelim), NOV
PMI COMPOSITE (prelim), NOV (20th –24th Nov)
GERMANY
PMI MANUFACTURING (prelim), NOV (20th – 24th Nov)
PMI SERVICES (prelim), NOV (20th –24th Nov)
PPI, OCT (0700)
FRANCE
PMI MANUFACTURING (prelim), NOV (20th – 24th Nov)
PMI SERVICES (prelim), NOV (20th –24th Nov)
UK
RETAIL SALES, OCT (0930) Friday 21st Nov
NZ
EXTERNAL MIGRATION, OCT (2145,THU)
CREDIT CARD SPENDING, OCT (0200)
CANADA
CPI, OCT (1200)
FRANCE
CONSUMER SPENDING, OCT (0745) |
