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Monday March 16, 2009 - 20:55:21 GMT
Westpac Institutional Bank - www.westpac.co.nz

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Forex Research - Morning Report

Morning Report Tuesday 17 March 2009

News and views

Another risk-up day. Supportive factors last night included Barclays joining the main US banks in announcing a strong start to 2009, and expectations the FOMC will announce something explicit regarding quantitative easing (buying US treasuries). Bernanke's CBS interview certainly had tongues wagging after he admitted money had already been printed. A 25 February military incident, in which the US shot down an unmanned Iranian aircraft in Iraqi airspace, was belatedly reported last night but failed to have an impact on the markets. The S&P500 opened strongly but weakened after noon NY to be up 0.8% as we write. The main European indices closed up around 3%. Equities strength drove commodities higher, oil +2.4%, and copper +5.4%, and 10yr US treasuries lower (+6bp).

NZD broke minor resistance at 0.5270 to reach 0.5340, before pulling back to 0.53. Yesterday's weak manufacturing sales report will result in some economists downgrading their forecasts for Q4 GDP, but the market ignored that, preferring to side with buyers of risk.

Equities and FOMC QE expectations saw AUD move another notch higher at Europe's open, to sit above 0.66 after almost touching 0.6640. The AUD/NZD cross was one-way traffic down to 1.2410, which is supporting for now.

EUR staged another 2 cent rally, reaching 1.3070, before falling back a cent; large option barriers are rumoured around 1.31. GBP took extra heart from the Barclays news, to almost 1.4230, but tumbled back to the starting point around 1.4050. JPY has been remarkably stable since Thursday, 98 to 98.65 containing price action last night.

US industrial production fell a further 1.4% Feb, continuing its sharpest slide since 1975. IP has now fallen 9.1% in six months. This month's production figure was still weak after allowing for temporarily low electricity production due to warm weather. Every industry except defence/space and vehicles recorded a production decline. Vehicle production bounced 10% following last month's calamitous -25%.

US capacity utilisation fell to 70.9%, the lowest in the post-war era. Huge spare capacity will place further downward pressure on inflation.

The New York "Empire State" survey fell to -38.2, setting a new cycle low and indicating no letup in the pace of the US factory sector's slump. The detail of the survey was even weaker than the headline (which is a separate question about business conditions, not a composite). New orders and shipments were sharply lower, while the employment indicator remained very depressed. Prices received fell also further to a new low. There will be another regional update from the Philadelphia Fed on Thursday. If it follows the NY index lower we will consider downgrading our Q1 GDP forecast from the already-abysmal -6.5% we have pencilled in.

US TIC data showed a surprise net capital outflow from  the US of $43bn, the first outflow since July 2008.

Euroland inflation was confirmed at 1.2% yr in February (unrevised from the flash estimate), and the core rate edged up  to 1.7% yr after falling for the past two months. Base effect due to the price of oil first rising then falling last year are likely cause Eurozone headline annual inflation to fall temporarily below zero from May this year. Monthly headline inflation rose 0.4% in February.

Outlook

This corrective rally started a week ago at 0.4915, and at 0.5340 last night was looking stretched. Today we favour a mild pullback in NZD to at least 0.5240. The RBA minutes at 13:30 NZT may shed light on why they didn't cut the cash rate earlier this month, and could move interest rates, and in turn the currency.

 

Latest Research Papers/Publications

• NZ Weekly Forex Outlook (16 March)

• RBNZ March MPS Review (12 March)

• NZ Q4 Terms of Trade (11 March)

• NZ Agribiz March 2009 (9 March)

• NZ Weekly Forex Outlook (9 March)

• RBNZ March MPS Preview (6 March)

• A changing climate (4 March)

These papers/publications are available on Online Research on Westpac

Institutional Bank’s website (www.wib.westpac.co.nz)

 

Upcoming Events

Date Country Release Last Forecast

17 Mar Aus Mar RBA Meeting Minutes

US Feb PPI/Core 0.8%/0.4% 0.6%/0.2%

Feb Housing Starts 466k 420k

Feb Housing Permits 521k 515k

Jpn Jan Tertiary Industry Index –1.6% –0.5%

Ger Mar ZEW Analysts’ Survey –5.8 –15.0

UK Jan House Prices %yr –10.2% –11.7%

Can Jan Manufacturing Shipments –8.0% –6.0%

18 Mar Aus Jan Westpac-MI Leading Index –1.2% –

US Mar FOMC Rate Decision 0.25% 0.25%

 

 

Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 14 November 2007. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpac's financial services guide by calling +612 9284 8372, visiting www.westpac.com.au or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Westpac Banking Corporation is regulated for the conduct of investment business in the United Kingdom by the Financial Services Authority. © 2004 Westpac Banking Corporation. Past performance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The ultimate outcomes may differ substantially from these forecasts.

 



 

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Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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Amazing Trader EVENT RISK Calendar:

Wed 18 Oct
12:30 US- Housing Starts & Permits
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Fri 20 Oct
12:30 CA- Retail Sales & CPI
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  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



John M. Bland, MBA
co-founding Partner, Global-View.com

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