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Australian Home Loans drop, YEN continues fall across the board

Written by Sam Coxhead on April 6th, 2011.      0 comments

11:55 AM (AEST) Australian Home Loans data for February just released shows a -5.6% decline on the month against an expectation of  -2.6%. Whilst there has been little market reaction to the news, it can be construed that the high cash rate from the RBA has started to cool the market somewhat.
Meanwhile in offshore markets overnight, the weakness in the YEN continued as investors chase higher yielding currencies elsewhere. The spread between German and Japanese 2 year rate is at the highest it has been since 2008. With the US Federal Reserve also entering a period where their bias is becoming more neutral than dovish on their cash rate and it is easy to see why the market is selling YEN. This week’s market chatter that the BOJ may underwrite Japanese Govt Earthquake bonds is also YEN negative. With gold setting record highs and silver performing strongly the USD is struggling to make much headway in the face to higher US yields overnight. Stronger than expected UK Services data has caught the market with sold positions in GBP and the reversal of these has pushed the GBP higher across the board.
Just now another round of fierce YEN selling has seen it fall dramatically on all cross rates with a lot of the focus coming on the AUD/YEN pair. Key levels on other cross rates are adding to the pressure on the YEN, and driving the Australasian currencies to outperform across the board.
    Last 24 hours trade
  Current level Low High
NZD/USD 0.7715 0.7671 0.7724
AUD/USD 1.0368 1.0288 1.0366
NZD/AUD 0.7440 0.7427 0.7463
AUD/NZD 1.3440 1.3400 1.3464
NZD/GBP 0.4723 0.4706 0.4777
NZD/EUR 0.5417 0.5376 0.5439
NZD/JPY 65.90 64.64 66.03
NZD/CAD 0.7427 0.7393 0.7447