Results for 'NZD'
52 articles with this tag name
Updated Feb 7, 2013 10:54:13 PM
The RBA cut its growth forecast for 2013 from 3.0% to 2.5%, reiterating that the inflation outlook provides room for further rate cuts if needed. The bank, however, was somewhat upbeat about the outlook for the global economy, stating that Asia is going to be the driving force behind much of the world’s growth in coming quarters. The monetary policy statement wasn’t too dissimilar from RBA Governor Stevens’ remarks following Tuesday’s policy meeting, nor was
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Updated Feb 6, 2013 10:44:26 PM
At first glance one could be mistaken for thinking that today’s employment data out of Australia and New Zealand was good, largely because the headline figures were better than expected, with the unemployment rate dropping in New Zealand to 6.9% from 7.3% (exp 7.1%) and holding steady in Australia at 5.4% (exp 5.5%). However, looking deeper we see that Australia’s labour market data wasn’t encouraging and New Zealand’s figures were pretty abysmal. NZ’s participation
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Updated Jan 30, 2013 4:20:00 PM
The dollar was mostly softer against the majors after Q4 GDP unexpectedly contracted and as the FOMC maintained its rate of asset purchases at $85B per month while noting a pause in economic activity. US labor data was better than expected, however this was offset by downward revisions to the prior month. In New Zealand, rates were kept steady at 2.50% as expected. The euro continued its ascent with EUR/USD breaking above the 1.35 figure
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Updated Jan 28, 2013 4:25:00 PM
The US dollar is trading slightly higher against most of the G10 currencies and is weaker against the SEK and JPY at time of writing. Economic data in the US was mixed as December durable goods orders grew by more than expected with a headline reading of 4.6% vs. cons. 2.0% and prior 0.7% while durables excluding transportation rose by 1.3%, beating the 0.8% consensus and 1.2% previous increase. The data December housing data disappointed
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Updated Jan 13, 2013 10:25:47 PM
The euro continued its slow march higher, even breaching 1.3400 at one stage, while Asia’s two main commodity currencies, AUD and NZD, fell victim to their recent success. The profit taking that hit the aussie and kiwi was compounded by weak economic data out of Australia, namely home loan approvals and job advertisements figures. AUDUSD sunk to a session low around 1.0525, before making up some ground later in the session. Australian job advertisements
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Updated Jan 10, 2013 11:33:13 PM
Japan’s PM Abe launched his first big attempt at bolstering economic growth in his country since taking power, but is it enough fuel to kick-start the Japanese economy? He announced a JPY 10.3trn spending package aimed at adding 2% to GDP and creating 600,000 jobs. However, the market seemed more concerned with weak Japanese trade data and inflation figures out of China. AUDUSD and NZDUSD started to retrace overnight gains almost immediately after Japan recorded
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Updated Jan 6, 2013 11:16:56 PM
Profit taking dominated action in Asia, with some currency and equity markets losing out as a result. Mixed employment data out of the US at the end of last week helped to cull the notion that the Fed would end QE3 sooner than previously expected. Earlier last week, the Fed’s December meeting minutes shocked the market by hinting at the possibility of ending its purchases of government bonds and mortgage backed securities this year. Friday’s
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Updated Jan 3, 2013 12:00:43 AM
An almost complete lack of headline local data and market closures in Japan and China kept some investors on the sidelines. This didn’t prevent a sell-off in the euro and pound mid-way through the session, with EURUSD triggering a slew of orders around 1.3150, eventually sending the pair to a low around 1.3120. The aussie and kiwi fared better against the dollar however, although they still lost ground as traders chose to consolidate their positions.
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Updated Jan 2, 2013 1:52:38 AM
The US fiscal cliff dilemma ended today after the House of Representatives passed legislation lifting taxes on the wealthiest Americans, with the bill passing comfortably by 257 votes to 167, although most of the votes were secured by Democrats, not by the Republicans who largely voted against the bill. Nonetheless, risk assets rallied on the news, with AUD, NZD and EUR all leaping higher when it became clear the vote would likely pass the house.
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Updated Dec 31, 2012 5:00:00 PM
Needless to say (but I’ll say it anyway) the “Fiscal Cliff” talks stole the show again. In what started out as rather onerous trading session, as Fiscal Cliff negotiations over the weekend failed to bear fruit, it turned around near midday as Vice President Biden and Senate Minority Leader McConnell were said to make progress in Fiscal Cliff talks. The potential “deal” is to include (to highlight a few): However, the major sticking point
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