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Australian Home Loans higher

Written by Sam Coxhead on December 8th, 2010.      0 comments

11:48 AM (AEST) Australian Home Loans data released showed a 1.9% increase vs an expectation of +0.1%. Interestingly, initially this caused a small rally in the AUD, which was immediately reversed and sits lower after what was a positive number. This morning the NZD and AUD have both been heavy, although are sitting 10-20pts off their lows. The Asian markets seem quiet, so conceivably we may have to wait for London’s lead to see if we can leg lower again from here.
Overnight saw mixed markets, which on balance saw a stronger USD as bond yields pushed well higher through resistance levels. These moves were made as investors sold bonds and bought equities on the news that Obama had managed to pass some toned down tax changes. Interestingly, yield on the US 10yr bond is now over 50pts higher than when the Fed announced the detail of the second QE program in early November.
Focus throughout the next 24hrs will be on the European debt situation and housing numbers due in the UK and Canada.
          Last 24 hours trade
  Current level Pre-AUS H/Ls Chge since AUS H/Ls   Low High
NZD/USD 0.7569 0.7573 -0.1%   0.7557 0.7666
AUD/USD 0.9835 0.9842 -0.1%   0.9819 0.9966
NZD/AUD 0.7695 0.7695 0.0%   0.7666 0.7708
AUD/NZD 1.2995 1.2995 0.0%   1.2974 1.3044
NZD/GBP 0.4803 0.4805 0.0%   0.4797 0.4854
NZD/EUR 0.5710 0.5710 0.0%   0.5695 0.5715
NZD/JPY 62.25 62.25 0.0%   62.50 63.48
NZD/CAD 0.7648 0.7648 0.0%   0.7628 0.7697