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A session of mixed signals overnight

Written by Sam Coxhead on March 1st, 2011.      0 comments

9:00 AM (NZT) The overnight session was one of mixed signals with equities rallying on more positive data and comments from Fed officials. Interestingly the AUD did not follow through on this positive theme and remains capped at this stage at 1.0200 ahead of Australian Retail Sales and the RBA cash rate announcement and statement today. Apparent end of month portfolio rebalancing saw the GBP the star performer with the EUR not far behind, with the USD again under some selling pressure.

In Canada the GDP numbers released were stronger than expected and this positive data coupled with the oil price remaining high saw the CAD again well supported.

In NZ, lastnights release of the earthquake support package for Christchurch workers and businesses was well recieved and the flexible and quick moving nature of the national Government gave the NZD a little support for the time being. Early rough estimates of the cost of damage looks to be anywhere between 10 and 15 billion NZD, and the economic growth rate in NZ will be hamered throughout 2011. Accordingly the financial markets are putting pressure on the RBNZ to reduce the cashrate at the coming meeting on  March 10th, with a 25pt cut fully priced and a small chance of a 50pt cut at this stage.

    Last 24 hours trade
  Current level Low  High
NZD/USD 0.7523 0.7495 0.7554
AUD/USD 1.0181 1.0136 1.0193
NZD/AUD 0.7390 0.7363 0.7416
AUD/NZD 1.3532 1.3483 1.3552
NZD/GBP 0.4625 0.4617 0.4671
NZD/EUR 0.5450 0.5428 0.5462
NZD/JPY 61.50 61.41 61.71
NZD/CAD 0.7310 0.7369 0.7309