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Relative stability in offshore trade for the time being, AUD remains heavy

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

10:00 AM (NZT) Offshore markets were stable in offshore trade, relative to the sessions of late. Risk aversion slowed as german and French officials try to calm markets nerves but initiating further efforts to make sure that Greek does not head towards uncontrolled default on its debts. Further talk is expected tomorrow when German, French and Greek officials speak further. This would appear to be the final chance for Greek to get its budget in order, or lose funding from its Eurozone partners and slide into default. Greek 2year Government bonds now yield an amazing 95%, a sign that default is almost a foregone conclusion. Meanwhile the Italian focus remains with yields on Italian debt at record levels and the latest auction overnight showing reasonably dismal results.

Elsewhere in the UK, BOE Monetary policy Committee member Posen continues to call for further quantitative easing, and given the current environment of uncertainty and lower growth forecasts, his long held call is gaining momentum. The GBP has seen a little further weakness on the back of this.

In Australia the interest rate market is again moving to price in more easing from the RBA in the coming months in the wake of last weeks jump in the unemployment rate to 5.3% and the uncertain global outlook. The AUD has correspondingly given up a little ground against many of its trading partners. This comes a little in the face of ongoing relative strength in the Chinese economy that Australian exports are so reliant on.

The RBNZ cash rate decision and statement on thursday will be closely watched. No change is expected, but further insight from Governor Bollard is always highly watched.

    Last 24 hours trade
  Current level Low High
NZD/USD 0.8225 0.8175 0.8271
AUD/USD 1.0213 1.0259 1.0379
NZD/AUD 0.7975 0.7930 0.7996
AUD/NZD 1.2539 1.2506 1.2610
NZD/GBP 0.5214 0.5175 0.5228
NZD/EUR 0.6014 0.6002 0.6044
NZD/YEN 63.27 62.95 63.74
NZD/CAD 0.8113 0.8104 0.8196