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NZ Labour Cost Index strong and offshore sentiment picks up overnight

Written by Sam Coxhead on February 1st, 2011.      0 comments

11:00 AM (NZT) The NZ Labour Cost Index just released showed a +.6% increase against an expectation of +.5%. Whilst there was little reaction in the market to this number, it is a good indicator of Consumer led inflation pressure.
In offshore markets overnight the market shrugged off further fears about the tensions in Egypt for the most part. US stock markets led the more positive sentiment that also pushed bond yields higher. The EURO and GBP made up some good ground as month end flows dominated. This bodes well for their respective prospects heading into February.
Oil was also a standout performer rising over 3% to levels not seen since October 2008. This was attributable to the tension in Egypt and the possible increased instability with regards to the Suez canal, which sees one third of the world’s oil pass through it annually.
In Europe CPI numbers were confirmed at expectations of 2.4% and widespread support is seen for German to be announced the next ECB head after Trichet retires shortly.
US data continues to be reasonably upbeat with Personal Spending increasing ahead of expectations and the Chicago PMI number higher than expected also. The PMI number is a very indicator of the outlook for manufacturing.
          Last 24 hours trade
  Current level Pre-NZ LCI Chge NZ LCI   Low High
NZD/USD 0.7722 0.7715 0.1%   0.7685 0.7744
AUD/USD 0.9968 0.9968 0.0%   0.9867 0.9990
NZD/AUD 0.7745 0.7741 0.1%   0.7744 0.7794
AUD/NZD 1.2911 1.2918 -0.1%   1.2830 1.2913
NZD/GBP 0.4823 0.4816 0.1%   0.4817 0.4877
NZD/EUR 0.5642 0.5636 0.1%   0.5621 0.5685
NZD/JPY 63.38 63.34 0.1%   63.09 63.53
NZD/CAD 0.7732 0.7724 0.1%   0.7686 0.7785