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Australian Producer Prices Drop

Written by Sam Coxhead on January 24th, 2011.      0 comments

11:40 PM (AEST) The Australian Producer Price Index (PPI) just released showed an increase of just .1% vs an expectation of +.5%. This follows  from the previous quarter increase of 1.3%.  This saw the AUD sell off a bit since it was released, off about 20pts against the USD to .9870.
Markets have been relatively subdued since the open with the main interest being a little pressure to sell AUD against buying EURO. This has also weighed slightly on the NZD as well. Given that both the NZD and AUD has performed relatively well over the EURO into the end of 2011, some further interest in the downside on these cross rates may not be out of the questions and positions are exited.
All eyes now are on Australian CPI tomorrow with the market pricing .8% increase for the quarter.
    Last 24 hours trade
  Current level Low High
NZD/USD 0.7575 0.7522 0.7597
AUD/USD 0.9875 0.9836 0.9918
NZD/AUD 0.7668 0.7638 0.7672
AUD/NZD 1.3041 1.3034 1.3092
NZD/GBP 0.4739 0.4757 0.4722
NZD/EUR 0.5570 0.5550 0.5607
NZD/JPY 62.64 62.40 62.78
NZD/CAD 0.7531 0.7499 0.7550 
 

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