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Solid Australian data adds to AUD momentum

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

1:50 PM (AEST) Positive news for the domestic economy in Australia with stronger than expected private sector credit and retail sales numbers just released.
Q2 Private Sector Credit 4.9% vs 4.1% expected
July Retail Sales +.5% vs +.3% expected.
These positive numbers will add to this week’s momentum of the AUD, and the NZD by association. These numbers come on the back of recently encouraging numbers out of the US, coupled with the prospect of further quantitative easing from the Federal Reserve not being ruled out.
Also helping the tone was the Chinese PMI number released a little earlier at 50.9, just ever so slightly below the 51.0 expectation, but still an improvement from the 50.7 previous reading.
The positive tone this week has seen upward moves in the equity markets and the safe havens of gold and US Treasury bonds ease in price. The remainder of the week sees some top tier data still to be released with the focus being on the latest employment numbers from the US which are due out Friday.
Next week the domestic focus will continue in Australia with the prospect of home loans data, the RBA cash rate announcement, GDP numbers and finally employment.
In Europe, the focus remains on the debt issues at both the government and bank levels. These are taking second place to the upswing in sentiment this week, but rest assured a reversal of sentiment can happen very quickly.
          Past 24 hours
  Current level Pre-AU Retail Sales  % Chge AU Retail Sales   Low High
NZD/USD 0.8510 0.8512 -0.02%   0.8497 0.8572
AUD/USD 1.0717 1.0675 0.39%   1.0658 1.0722
NZD/AUD 0.7943 0.7974 -0.39%   0.7957 0.8005
AUD/NZD 1.2590 1.2541 0.39%   1.2492 1.2568
NZD/GBP 0.5243 0.5245 -0.04%   0.5212 0.5262
NZD/EUR 0.5924 0.5925 -0.02%   0.5891 0.5940
NZD/YEN 65.62 65.68 -0.09%   65.10 65.69
NZD/CAD 0.8317 0.8330 -0.16%   0.8310 0.8384