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Tuesday July 14, 2009 - 20:38:49 GMT
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Forex Research - Morning Report

Morning Report  Wednesday July 15 2009


News and views  

The talk of the evening was Goldman Sachs' Q2 earning per share of $4.93, much better than the $3.65 consensus. That was the main driver for a small spurt in S&P500 futures, but in a textbook case of the fact being sold (Whitney yesterday provided the rumour), equities then stalled. The S&P500 is up 0.4% as we write, but banks are down 1.9%. US 10yr treasuries reacted poorly to the elevated risk tone, as well as stronger PPI data, adding 12bp to their yield.


The US dollar was little changed since Sydney closed. EUR attempted to break beyond 1.4000 several times, but failure saw it eventually decline to 1.3910. The German ZEW survey was weaker than expected, both current and expectations measures, but had no market impact at the time of release. GBP reached 1.6350 London morning, slipping to 1.6240 thereafter. New BoE MPC member Posen made some noteworthy comments, hinting that QE expansion remains a possibility. JPY was subdued just above 93, but threatens a move higher as we write. CAD was the only major top show real direction, rallying from 1.1520 to 1.1350 in a steady path littered with stop-losses.


AUD rallied during London from 0.7850 to 0.7920, but only congested in a 50 pip range thereafter. The Rio Tinto story widened its scope to include BHP, stories of Chinese investigations of “irregular trading” doing the rounds.


NZD made even less headway, topping out at 0.6375 and then hovering below that. AUD/NZD continued higher to a 1.2400-1.2450 range.


US retail sales rose 0.6% in June, on the surface the strongest outcome since January's 1.7% jump. However higher gasoline prices explained about half of the June gain (autos the rest), and core retailing ex autos & gas fell 0.2%, its fourth straight monthly decline (with May revised down by 0.2 ppts from 0.1% to -0.1%). The detail in the report was unremarkable, with no storetype posting a better than 1% gain (outside of autos and gas). Department stores were the standout losers, down 1.3% in June, their fourth straight fall.


Still on the US consumer, the IBD-TIPP economic optimism index fell from 50.8 to 46.3 in July, its weakest reading since March, more or less replicating the slippage in the Uni of Michigan consumer sentiment index preliminary July reading from last week. Also the weekly retail reports were soft in the first retail week of July, with Redbook down 1.7% and chain store sales down 0.9%.


US PPI jumped 1.8% in June, with gasoline up 18.5% in the month but pressure also coming surprisingly from a 2% jump in wholesale auto prices and a 3.4% surge for light trucks. Without those gains the core PPI would have risen 0.1% rather than 0.5%.


US business inventories fell 1.0% in May which was a slower pace of decline than in prior months, though that was because energy stocks were rising in price. In volume terms, stocks look like being a further drag on economic growth in Q2.


German ZEW headline expectations fell from 45 to 40 in July, first decline since October last year. Euroland IP posted its first gain since August, though it's May rise of 0.5% was less dramatic than Germany's 3.7% IP jump reported last week.


UK annual inflation eased further in June, falling to 1.8% yr, below the 2.0% target for the first time in nearly two years, thanks mainly to favourable base effects and less impact from Sterling weakness.


Canadian auto sales rose 1.0% in May, in line with previous guidance from StatCan. Their guidance for June was for sales to fall about 1%.



The much awaited US earnings highlight (Goldman Sachs) boosted risk only slightly (it had been telegraphed yesterday), and NZD remains stuck around initial resistance at 0.6350, and certainly under 0.6400 which we expect to hold today. If anything, NZD could slip today towards 0.6200, NZD 3.4 billion worth of Eurobonds maturing today. Only a small portion of that amount would exit the currency (if it hasn't already), but it's worth watching for.




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 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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