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Risk off as commodities and European debt issues weigh

Written by Sam Coxhead on May 12th, 2011.      0 comments

8:20 AM (NZT) The patchy and volatile price action continues and leans towards further correction in commodity markets. The AUD has been sold reasonably aggressively overnight and metals markets once again have fallen, along with oil and commodity markets in general. The EUR remains heavy also as the sovereign debt issues continue to weigh with Portugal’s credit rating placed on negative watch due to the fragile nature of the core of its banking sector. Meanwhile Greek and Irish negotiations no doubt continue behind closed doors, with the most possible outcomes being that further concessions will be made to the struggling economies, giving the banking sector further time to get their balance sheets in better shape.
The USD has benefitted from the price action , in the face of a larger than expected trade deficit. Weaker oil inventory numbers in the US the oil price drop and this feed through to equities.
The focus for today will be the Australian employment numbers with the market expecting the unemployment rate to remain stable at the impressive 4.9%
    Last 24 hours trade
  Current level Low High
NZD/USD 0.7889 0.7873 0.7974
AUD/USD 1.0698 1.0665 1.0889
NZD/AUD 0.7375 0.7314 0.7385
AUD/NZD 1.3559 1.3541 1.3672
NZD/GBP 0.4825 0.4810 0.4864
NZD/EUR 0.5553 0.5508 0.556
NZD/JPY 63.88 63.62 64.56
NZD/CAD 0.7582 0.756 0.7617