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MONDAY 1ST MARCH 2010
Ranges NZD/USD: .6843/ 7058 AUD/USD: . 8803/9067 NZD/AUD: . 7729/7832 Last week A choppy week last week, with the currencies moving around as the European situation got worse, then better, then worse, really, who knows why it would get better. Greece has been downgraded sideways left and right, the European Union starting to show cracks and the Germans getting upset at the Greeks, after they said the Germans should be paying reparations for WW2 invasion. Kiwi getting punished on the back of the above, as the risk trades continue to get un wound and Kiwi/AUD looks terrible, but a relief rally at the end of the week due to end of year/month flows has seen a reversal, but it’s not fundamental. What we did Stayed short NZD/AUD Short Kiwi, got stopped out on Saturday morning This week All eyes on RBA this week with a 50/50 call on a rate hike. We say they raise 25 basis points as the data has been just too strong. Kiwi AUD will test 75cents then lower. Nonfarm payrolls on Friday night will set further USD tone, if it prints on the positive side of the forecast number then the USD will rally nicely, buy Dol/Yen on that one. Overall, some very good ranges have been set, and this bodes for good trading opportunities in the next couple of weeks What we will do Sell NZD/AUD Trade ranges in NZD, AUD and Euro
THE WEEK AHEAD Monday 1-Mar Tuesday 2-Mar Wednesday 3-Mar Thursday 4-Mar Friday 5-Mar Saturday 6-Mar |
