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MONDAY 8TH NOVEMBER 2010
Range
NZD/USD: .7643/7970
AUD/USD: .9852/1.0170
NZD/AUD: .7665/7861
Last week
The week was dominated by Kiwi racing higher against all our trading partners. With a 4% rise against both the USD and the AUD, Kiwi has responded to the good data out last week. Heading this was the employment data which in particular was very strong, this has given some impetuous to some thinking that a rate rise will happened sooner than expected.
The US also posted some great data, with the nonfarm payrolls out on Friday night posting a very strong +151 against t a lower forecast and a negative release the month before.
Not to forget the sneaky rate rise on Melbourne cup day across the ditch, which saw AUD pop well and truly through parity.
This week
With more concerns brewing in Europe and with the Dollar looking like we have seen a short term bottom, it’s going to be a case of selling Euros this week. The Euro has already come off its highs and with the world looking for better places to put its money the risk return has definitely swayed from the old world into the new. Just look how strong Kiwi and AUD have been.
The late rally in the Dollar last week should continue to as the market is digesting a lot of data and the over positioning has just got a little ahead of itself.
Fund news
We are having a big meeting tomorrow so we hope to have some definitive news to give you.
DATA FOR THE WEEK AHEAD
Mon 8 Nov
Aus Oct ANZ Job Ads
US Fedspeak – – – Bullard and Warsh.
Eur Nov Sentix Investor Confidence
Ger Sep Industrial Production
Can Oct Housing Starts 186k 183k
Tue 9 Nov
NZ Oct Electronic Card Transactions
Aus Oct NAB Business Survey 7
US Oct NFIB Small Business Optimism
Nov IBD-TIPP Economic Optimism
Sep Wholesale Inventories.
Jpn Oct Bank Lending
Sep Current Account ¥bn
UK Oct BRC Retail Sales Monitor
Oct RICS House Prices net balance
Sep Trade Balance £bn
Sep Industrial Production
Can Sep New House Prices 0.1% 0.1%
Wed 10 Nov
NZ RBNZ Financial Stability Report
Aus Nov Westpac-MI Consumer Sentiment 117.0
Sep Housing Finance (no.) .
US Sep Trade Balance
Oct Import Prices
Initial Jobless Claims
Oct Budget Statement
UK BoE Quarterly Inflation Report
Can Sep Trade Balance C$bn
Thu 11 Nov
NZ Oct Food Prices
Aus Oct Employment chg
Oct Unemployment Rate.
Nov WBC-MI Unemployt Expectations
Nov MI Inflation Expectations
US Fedspeak – – – Lockhart.
Veteran’s Day – – – Public holiday.
Jpn Sep Machinery Orders
Oct Corporate Goods Prices
Fri 12 Nov
NZ Oct REINZ House Prices
US Nov UoM Consumer Sentiment Prelim
UK Oct Consumer Confidence
Eur Q3 GDP
Sep Industrial Production
Ger Q3 GDP |
