DirectFX-phone-number-and-phone-image3.gif

p_7_top.jpg

Get a free Quote

Name
Email
Phone
From CCY
To CCY
Amount
Message
please type the characters you see:
(spam filter)
spam control image
 
p_1_top.gif

Apply now

Obligation free account and currency commentary btn_apply_for.gif
p_1_bottom.gif
Browse By Topic
Archive

FX News

Most recent FX News:

Read more

NZD and AUD give up some of their gains as the "risk on" tone loses momentum

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

2:05 PM (NZT)  There has been a solid short squeeze of risk assets over the last 26 hours that saw the NZD and AUD make some solid gains in the wake of the HSBC Chinese PMI number yesterday. Whilst the PMI number was not particularly bouyant, the rumour in the market was that it was going to be much worse than its 49.8 read, against last months of 49.3(revised from 48.9). Chinese buying of the Australasian pair has been noted by interbank players.

Helping sentiment were reasonably good UK and European manufacturing numbers, and these positives outweighed ugly US new housing  and Canadian retail sales stats. The equity markets also saw some good gains at times with the S&P up 3.7% at one stage, but price action remains volatile.

NZ Trade Balance numbers showed good exports in July of dairy products and oil, and these led to a surplus of 129m vs an expectation of a 124m deficit.

Moody's downgraded the Japanese credit rating from Aa3 to Aa2, in the first move since 2002, citing weakening growth prospects making it difficult to rein in large public debt. The YEN was mostly unchaged by the news.

All eyes really remain on the Jackson Hole symposium of central bankers and any policies that US Fed Chairman Bernanke alliudes to in his address.

    Last 24 hours trade
  Current level Low High
NZD/USD 0.8278 0.8209 0.8337
AUD/USD 1.0476 1.0385 1.0534
NZD/AUD 0.7902 0.7890 0.7948
AUD/NZD 1.2655 1.2582 1.2674
NZD/GBP 0.5023 0.4984 0.5068
NZD/EUR 0.5747 0.5711 0.5794
NZD/YEN 63.58 62.99 64.19
NZD/CAD 0.8192 0.8109 0.8227
 

Comments