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MONDAY 22ND DECEMBER 2008 Ranges NZD/USD 5462-6080
AUD/USD 6611-7138
NZD/AUD 8250-8561 Last week
The world was stunned by the very aggressive Fed rate cut last week, which effectively lets the banks borrow at 0% off the Fed. Also, they stated that they will prop up the markets, by investing in certain core industries via the euqities markets. This is a core change that has been welcomed by all.
Along with this, we finally have the auto industry rescue package. The Fed and the States are doing all the right things and I’m thinking enough, so that we have seen the end of this crisis…not that we will see immediate results. It won’t happen overnight but it will happen.
We had a great week trading last week, as we thought Kiwi and AUD would strengthen against the US and they did. Nice Xmas present. What we did
Stayed long Kiwi and AUD and sold at the top
Traded smalls NZD/AUD. This week
Lots of local data out this week, but it will all be over shadowed by the US situation and of course Christmas. So we arent expecting too much more to happen, and things seem to have settled down into the middle of the range of late.
This will be the last weekly letter for the year and we will be back to you on the 12th of January 2009.
Have a great Christmas and New Year
Scott Monday 22nd Dec
AUS
NEW MOTOR VEHICLE SALES, NOV
NZ
CURRENT ACCOUNT BALANCE, SEP Tuesday 23rd Dec
US
GDP (final), SEP QTR (1330)
PERSONAL CONSUMPTION (final),SEP QTR (1330)
CORE PCE (final), SEP QTR (1330)
EXISTING HOME SALES, NOV (1500)
NEW HOME SALES, NOV (1500)
OFHEO HOUSE PRICE INDEX, OCT
NZ
GDP, SEP QTR (2145, MON)
CONSUMER CONFIDENCE, DEC QTR Wednesday 24th Dec
US
CORE PCE, NOV (1330)
PERSONAL SPENDING, NOV (1330)
PERSONAL INCOME, NOV (1330)
DURABLE GOODS ORDERS, NOV Thursday 25th Dec
AUS, US, NZ
CHRISTMAS DAY – MARKETHOLIDAY Friday 26th Dec
AUS, NZ
BOXING DAY – MARKET HOLIDAY |
