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Chinese data comes out in line with expectations...AUD and NZD in relief rally

Written by Sam Coxhead on June 14th, 2011.      0 comments

2:10 PM (NZT) The much anticipated economic data flow from China has proved to be a non-event. In the hour proior to the release both the NZD and AUD traded lower as rumours circulated that the inflation number was going to be higher than expected, and therefore cause further tightening of monetary conditions. After the release of the inflation number right on the expected 5.5% we saw a relief rally in the NZD and AUD. The other data released showed Fixed asset investment +25.8% (25.3% exp) , Industrial Production 13.3% (13.1% exp) and ther Producer Price Index 6.8% (6.6% exp)

In holiday ridden offshore markets overnight, the US dollar gave up a little of its gains from the move on friday. This happened in the face of an S&P downgrade of Greek debt to one notch above default(and left on negative watch), the EURO was surprisingly stable following this announcement and even rallied as sold EURO investors did not see the drop they had hoped for.

All eyes not on UK inflation numbers in just over six hours. Bank of England Monetary Policy Committee member Weale hit the news wires overnight with comments that the cash rate in tyhe UK should be close to moving higher. This has caused a slight turn around in the GBP sentiment, but it must be kept in mind that he is just one of nine voting members on the comittee. A larger than the expected 4.5% number will place further pressure on the Bank of England to move the cash rate higher before the end of the year.

    Last 24 hours trade
  Current level Low High
NZD/USD 0.8181 0.8115 0.8176
AUD/USD 1.0623 1.0531 1.0638
NZD/AUD 0.7700 0.7676 0.7742
AUD/NZD 1.2987 1.2916 1.3027
NZD/GBP 0.4991 0.4978 0.5032
NZD/EUR 0.5677 0.5644 0.5696
NZD/JPY 65.62 65.07 65.85
NZD/CAD 0.7969 0.7931 0.7986