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Australian Building Consents and Retail Sales data

Written by Sam Coxhead on March 31st, 2011.      0 comments

11:37 AM(AEST) The recent return of risk appetite has been fast and brutal over the last 48 hours. In the face of the US Fed giving lip service to the winding down of the Quantitative Easing initiatives, the equity and commodity markets have been buoyant and demand for NZD and AUD has transpired from this. There has also been a move to sell YEN against almost all currencies which has also added the boost to the Australasian pair. The Bank of Japan will be very happy to see these moves to weaken the YEN, and have not intervened since the one coordinated G7 intervention.
The AUD has again set post float highs against the greenback at 1.0337 and remains within touching distance currently.
With ugly headlines still emerging from the Irish and Spanish banking sectors the EUR has been under a little pressure. The GBP has staged a small fight back after its disappointing run of form in the last 7 days or so.
Australia data just released showed Building Consents -7.4% against an expectation of +4.2% and Retail Sales at +.5% against an expectation of +.4%. Both these numbers are traditionally volatile by nature and there has been negligible reaction from the AUD.
          Last 24 hours trade
  Current level Pre-AU data Chge since AU data   Low High
NZD/USD 0.7620 0.7615 0.1%   0.7547 0.7637
AUD/USD 1.0324 1.0320 0.0%   1.0296 1.0337
NZD/AUD 0.7380 0.7378 0.0%   0.7342 0.7396
AUD/NZD 1.3550 1.3553 0.0%   1.3520 1.3621
NZD/GBP 0.4734 0.4732 0.0%   0.4760 0.4733
NZD/EUR 0.5390 0.5388 0.0%   0.536 0.5427
NZD/JPY 63.32 63.28 0.1%   63.03 63.39
NZD/CAD 0.7399 0.7396 0.0%   0.7367 0.7419