|
TUESDAY 20TH JULY 2010 Ranges NZD/USD: . 7031/7291 AUD/USD: . 8634/8851 NZD/AUD: . 8130/8261
Last week Continued weak data out from NZ last week capped the Kiwi as it broke higher through the 7150 resistance level. With the break only lasting a short period, it now looks like the break was false. With some massive squaring of short positions in the AUD being covered last week, Kiwi continued to ride the coat tails of our big brother across the ditch. However, with the markets still watching the global asset markets closely, all the currencies are getting belted around as news and events compound.
This week With some good German data out of late, the Euro has pushed higher against all the currencies as the market has been caught short Euros. This has seen some renewed optimism in the Euro zone, even after Ireland was downgraded, that should continue through this week. However, the US is doing all it can to spoil the party with some very lacklustre data. This week will, once again, follow the asset markets but we are getting the feeling that the Euro has corrected enough and the levels are getting close for a reversal. So watch this space for further developments.
THE WEEK AHEAD MONDAY 19-Jul NZ Performance Services Index - JUN UK Rightmove House Prices (MoM) - JUL Rightmove House Prices (YoY) - JUL EC ECB Euro-Zone Current Account SA - MAY GE Bundesbank Publishes Monthly Report - JUL US NAHB Housing Market Index - JUL
TUESDAY 20-Jul AU Reserve Bank's Board July Minutes - JUL JN Leading Index CI - MAY F Coincident Index CI - MAY F GE Producer Prices (MoM) - JUN Producer Prices (YoY) - JUN UK Public Finances (PSNCR) - JUN Public Sector Net Borrowing - JUN M4 Money Supply (MoM) - JUN P M4 Money Supply (YoY) - JUN P Major Banks Mortgage Approvals - JUN CBI Business Optimism - JUL
WEDNESDAY 21-Jul US Housing Starts MOM% - JUN Building Permits MOM% - JUN NZ Visitor Arrivals - JUN New Zealand Net Migration SA - JUN AU Westpac Leading Index (MoM) - MAY NZ Credit Card Spending (YoY) - JUN Credit Card Spending SA (MoM) - JUN UK Bank of England Minutes - JUL
THURSDAY 22-Jul AU NAB Business Confidence - 2Q RBA Foreign Exchange Transactn - JUN NZ ANZ Consumer Confidence MoM - JUL ANZ Consumer Confidence Index - JUL JN All Industry Activity Index (MoM) - MAY GE PMI Manufacturing - JUL A PMI Services - JUL A EC PMI Composite - JUL A PMI Services - JUL A PMI Manufacturing - JUL A UK Retail Sales Ex Auto Fuel(MoM) - JUN Retail Sales w/Auto Fuel (MoM) - JUN EC Industrial New Orders SA (MoM) - MAY
FRIDAY 23-Jul US Initial Jobless Claims - 17 JUL Continuing Claims - 10 JUL Existing Home Sales - JUN Existing Home Sales MoM - JUN House Price Index MoM - MAY Leading Indicators - JUN EC Euro-Zone Consumer Confidence - JUL A AU Import price index (QoQ) - 2Q Export price index (QoQ) - 2Q GE IFO - Business Climate - JUL IFO - Expectations - JUL UK GDP (QoQ) - 2Q A GDP (YoY) - 2Q A Index of Services (3mth/3mth) - MAY |
