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TUESDAY 7TH DECEMBER 2010

Ranges

NZD/USD:            .7395/7667

AUD/USD:           .9532/9938

NZD/AUD:           .7694/7803

 

Last week

The ECU fought the hard fight last week, underpinning Europe’s failing economies by purchasing all of their debt, well not quite all of it. The bish bash of FX did the rounds last week as the markets couldn’t decide which way to push, in the end the market settled into a consolidation mode with all the currencies finishing stronger (apart from the big dollar) even with the parting shot from the Germans, saying that they might pull out of the euro if things deteriorate further.

We are not quite sure if the market has digested that comment yet, as it’s a biggy.

Friday nights nonfarm payroll data printed lower than expected, but the fed were quick on the hells of it saying that they would inject another USD600 Bio into the economy if needs be. Bring on QE3

 

This week

At home here we have the reserve banks final say of the year with the OCR on Thursday. It will be a non event as they will keep rates the same and I expect to glean nothing new from the following statement. With the economy here at home still looking rather subdued, we can’t expect to see the RBNZ hiking rates at any time soon, you would expect to see mortgage rates coming off, but alas the Australians’ continue to make money out of us. Go the English to win the Ashes.

Globally we won’t see anything break out of the recent range unless of course the Germans pull out of the Euro. We have seen the market get horribly short USD and now the market after this latest pull back looks like its happy where it currently lies.

 

Fund update

The final letter is still in due process, but it is the final letter. We hope to get it to you as soon as the legal guy’s have agreed to send it.

 

 

 
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