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Australian CPI and overnight moves.

Written by Sam Coxhead on October 26th, 2011.      0 comments

4:25 PM (NZT) International markets turned increasingly negative overnight and the unsurprising news that an imminent plan from  EU officials is not going to be presented at the EU summit this week. The first sign of conclusion and differing view was the cancelling of the EU finance ministers meeting that was to happen before the summit. The complex nature of a solution to a two year old problem was always going to be hard to put together. So the issues remain identified, but the solution harder to see. Now talk is of some kind of agreement by 7 November or there abouts.
Equity markets also added to the weaker market sentiment with earnings reports from various US technology companies coming in quite a way under expectation. With both recently strong performers Amazon and Netflix under considerable pressure in the last 12hours.
The NBNZ NZ Business Confidence Survey just released shows a fall back in confidence. The number came in at 13.2 vs a previous reading of 30.3 and is the lowest reading since April, which was just after the second devastating earthquake in Christchurch. The NZD has had a difficult 24hours with the lowering economic growth forecasts from Treasury and Fonterra payout following the lower than expected inflation numbers on Tuesday.
Just released Australian Inflation numbers mirror those IN NZ with a lower than expected number coming through and causing the AUD to slightly soften.
The closely watched trimmed mean number was .3% vs .7% expected , while the headline at .6% as expected. )The Reserve Bank of Australia has openly acknowledged they use the trimmed mean for their calculations). Those looking for a cut from the RBA this year will be buoyed by this number.
          Past 24 hours
  Current level Pre-AU Inflation  % Chge AU Inflation   Low High
NZD/USD 0.7963 0.7962 0.01%   0.7937 0.8077
AUD/USD 1.037 1.0431 -0.59%   1.0366 1.0497
NZD/AUD 0.7679 0.7632 0.61%   0.7609 0.7699
AUD/NZD 1.3023 1.3103 -0.62%   1.2989 1.3142
NZD/GBP 0.4971 0.4971 0.00%   0.4969 0.5046
NZD/EUR 0.5720 0.5720 0.00%   0.5712 0.5799
NZD/YEN 60.56 60.58 -0.03%   60.29 61.46
NZD/CAD 0.8095 0.8090 0.06%   0.8005 0.8127