Date Added: 23rd December 2011
Talk about the Grinch who stole Christmas. How deflating is it to be delivered a wonderfully wrapped present only to find that what’s inside is somewhat less than inspiring. That was very much the story with yesterday’s third quarter NZ GDP figures.
GDP may have been on the high side of expectations (0.8% vs. market expectations of 0.6%, BNZ 0.7%), but the detail revealed a softer underbelly. Indeed, significant downward revisions to historic data reduced the level of GDP a cumulative 0.9% relative to our previous understanding.
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Date Added: 22nd December 2011
The NZD continues to dance to the beat of global risk appetite. The NZD/USD spent last night trading choppily within a 0.7650-0.7770 range as risk sentiment ebbed and flowed.
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Date Added: 21st December 2011
The NZD was the strongest performing major currency over the past 24-hours as global risk sentiment improved. It rose 1.70% relative the USD.
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Date Added: 20th December 2011
Markets were fairly quiet overnight, easing early into the holiday season. The NZD inched a little lower over the past 24-hours, from 0.7640 to 0.7580.
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Date Added: 19th December 2011
Last week, the NZD declined 1.80% relative to the USD. However, on Friday it continued to climb off its mid-week lows, finishing the week around 0.7620.
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Date Added: 16th December 2011
The NZD/USD has recovered the losses suffered yesterday, rising steadily from 0.7470 to 0.7540 currently. The move was higher spurred by better data updates in Europe and the US, and sold demand at a Spanish bond auction.
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Date Added: 15th December 2011
The NZD/USD came under pressure overnight as markets continued to fret about the European debt crisis. The NZD was among the worst performing currencies, taking its cues from sharp declines in industrial commodity prices and global equity markets. Overall NZD/USD lost around ¾ cents to 0.7510 currently.
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Date Added: 14th December 2011
Trading in the NZD/USD was volatile overnight, trading within a 0.7610 to 0.7670 range. During the early evening, investor sentiment was buoyed by solid demand at a Spanish debt auction and better Eurozone data. These gains were reversed early this morning as the focus come back on the European debt crisis and lack of a credible plan from the EU.
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Date Added: 13th December 2011
A bout of risk aversion has seen NZD/USD shed almost 1 cent to 0.7620 currently. The focus overnight was on comments from Moody’s and Fitch, both noting that sovereign ratings for the major European economies are under review. While there has been some ongoing domestic and Asian demand in our NZD flows the market has been driven by custodial names selling the currency.
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Date Added: 12th December 2011
The fortunes of NZD/USD were again determined by developments in Europe. The NZD/USD fell to an intra-day low around 0.7640 early in the evening as markets were disappointed the European Stability Mechanism would not have a banking licence (this prevents it from borrowing from the ECB). The currency spent the rest of the evening grinding back to 0.7750 as sentiment improved.
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