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RBNZ bi-annual Financial Stability Report

Written by Sam Coxhead on May 11th, 2011.      0 comments

9:45 AM (NZT) The RBNZ bi-annual Financial Stability Report largely held few surprises.  Household deleveraging is continuing and this will potentially make the recovery a little more patchy. The Christchurch has placed stresses on households and the insurance sector, but banks' readiness to support recovery has been encouraging.

The Global economic recovery has broadeded, particularly in Asia which has been of benefit to New Zealand and Australia. Global funding markets remain fragile given the European debt situation and this will be close monitored.

In markets offshore overnight this was a return to risk assets as it is becoming more clear that Europe will extend further bailout funding to Greece should she be able to meet certain targets. It appears that the Europeans are trying to delay any restructuring as long as possible as the banking sector works at trying to clean up their balance sheets.

The Australian dollar remains in demand as the Budget shows fiscal restraint and they remain on target to return to surplus in 2013. Of the AAA rated soveriegn nations, Australias debt levels remain at the lowest.

          Past 24 hours
  Current level Pre- RBA level  % Change since RBA   Low  High
NZD/USD 0.7942 0.7952 -0.13%   0.7889 0.7963
AUD/USD 1.084 1.0837 0.03%   1.0737 1.0859
NZD/AUD 0.7326 0.7334 -0.11%   0.7336 0.7360
AUD/NZD 1.3650 1.3635 0.11%   1.3587 1.3631
NZD/GBP 0.4853 0.4860 -0.14%   0.4824 0.4866
NZD/EUR 0.5513 0.5518 -0.09%   0.5509 0.5537
NZD/JPY 64.20 64.29 -0.14%   63.49 64.35
NZD/CAD 0.7603 0.7613 -0.13%   0.7602 0.7653