There was no
market-moving news last night, and the US had their
Thanksgiving holiday which deprived global markets from any clues regarding
in a narrow 55 to 55.5 cent range yesterday, sellers attempted pushing it lower
when Europe opened, but the dip to 0.5464 only lasted
an hour. It is back to the upper end of yesterdayâ€™s range, at 0.5540. Yesterdayâ€™s
main release, the business confidence survey, surprised by falling again to
-43%; New Zealandâ€™s real
economy is now starting to feel the effects of the global crisis. A quiet day
in the interest rate markets, apart from the Government bond tender which was
The AUD trended
upwards in a 65 to 66 cent range last night, and currently sits at the upper
end. It outperformed the NZD in Europe, the cross
rate now at 1.19.
A range of
European economic sentiment indicators was released last night, mostly
negative, which failed to dampen the cautious optimism regarding the EUR, but kept
it confined to a sideways trajectory along the 1.29 level. USD/JPY only managed
a 0.5 Yen range, and is stable at 95.40. It too received a raftof negative
data due to Thanksgiving holiday.
unemployment fell 10k in November, leaving the unemployment rate at 7.5%. The
labour market is a lagging indicator, and the effects of slowing growth are
likely to see jobless numbers climb next year.
confidence surveys were mostly weaker again in November. Overall
economic sentiment fell from 80.0 to 74.9, worse than expected andclosing in
on the record low of 73.0 recorded in 1993. Consumer sentiment wasunchanged at
-25 as lower fuel prices improved consumersâ€™ purchasing power,but
industrial sentiment fell further from -18 to -25 and services sentimentdropped from
-7 to -12.
money supply growth held steady at 8.7% yr, against expectations of a
marked slowdown. Risk aversion and demand for liquidity are likely to be holding
up growth, as investors sell out of other assets and move into cash and liquid
assets that are included in the M3 measure. The growth rate of lending to households
slowed further to 3.3% yr.
house price index fell 0.4% in November, less than expected, which saw
the annual rate of decline ease slightly to 13.9%. Nationwide warned that UK house
prices could fall another 15% over the next year, and that the mortgage market
will shrink by 80 percent this year.
short-term tone in NZD remains, with 0.5480 to 0.5550 likely to hold today.
Yesterdayâ€™s US Thanksgiving holiday will result in a very quiet day for New
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