Safe havens performed best on Friday, as the Eurozone and Korean backdrops continued to concern investors. An FT article said a majority of Eurozone governments are pressuring Portugal to accept aid to minimise contagion to Spain. The Irish rescue package was agreed only an hour, ago, EUR85bn at 6.05% (lower than the 6.7% rumoured). In Korea, a US carrier heading to the region raised tensions. The S&P500 fell 0.8% in a shortened and thin session. The CRB commodities index close 0.4% lower, precious metals gold (-0.8%) and silver (-3.2%) faring badly. US 10yr treasury yields closed 4bp lower at 2.87%. In Europe, Hungarian 10yr government bond yields rose 31bp to equal the June high of 8.12%, and Ireland's rose 16bp to a fresh multi-year high of 9.20% (Germany's rose 2bp), other peripherals stable.
The US dollar's rise continued until around Europe, stabilising around its two-month high afterwards. EUR bottomed at 1.3200, and then ranged around 1.3240 where it closed. Safe-haven currencies Swiss franc and yen outperformed, USD/CHF rising from 0.9990 to a 1.0040 close, and USD/JPY rising from 83.70 to an 84.10 close.
AUD fell further from 0.9715 to 0.9613, mirroring the US dollar's rise, closing at 0.9645. The dovish testimony from RBA's Stevens resulted in AUD underperforming all the majors on the day.
NZD fell from 0.7575 to 0.7480, closing at 0.7500. AUD/NZD stabilised around 1.2850.
Japan's national CPI came in as expected in October at +0.2%yr, up from -0.6%yr in September. The ex fresh food CPI rose to -0.6%yr in October, from -1.1%yr. In November, the Tokyo CPI decelerated to 0.2%yr from 0.3%yr in October. The ex fresh food core CPI was unchanged at -0.5%yr.
Euroland money supply M3 growth held steady at 1.0% yr in Oct. However, growth in loans to the private sector ticked up slightly to 1.4% yr. While no longer outright contracting on an annual basis as was the case last year, the uptrend in money supply/lending growth rates remains at very weak levels.
German inflation rose from 1.3% to 1.5% yr in Nov according to the preliminary report. No further detail available, but rising food and energy prices are likely to have been the main factors.
AUD/USD and NZD/USD outlook next 24 hours: AUD broke below a significant head-and-shoulders neckline on Friday, heralding a multi-cent fall during the weeks ahead. Any bounce today should be limited to 0.9710. NZD is working its way to 0.7400, with any bounces now limited to 0.7560. Today's NZ business confidence survey will be watched.
.Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 29 November 2010. 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 Westpacâ€™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
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