Forex - report tomorrow (Westpac)

Wednesday, February 8, 2012
Market wrap
Risk markets pushed higher. There was speculation during the NY session, an announcement from Greece is imminent the PM was, said later certain faith of officials would meet the three coalition partners and a statement of agreed austerity measures would have version today. This seemed the Greek stock market, inspire the 2.2% higher closed, but other markets were cautious. The S & P500 is currently 0.3% higher, where closed the EuroStoxx 50. These markets were effect since prejudice, as we write, the session was delayed by a day. Other news testimony was smaller markets, German FM Schaeuble against increases in the Greek bailout and Fed Chairman Bernanke largely repeated last week (in addition to downplay the importance of the recent strong labor US data). The CRB index is 0.5% higher, raw materials oil + 1.8%, copper + 0.3% and gold + 1.5%. U.S. 10 yr Treasury bond yields are 7bp at 1.98% higher.
The US dollar index is about 0.7% lower, mainly due to the strength of the euro. EUR exceeded up to a high of 1.3100 to 1.3270 two month to break. Safe Harbor be carried out yen, USD/JPY rose from 76.62 on 76.97 but still good in the area in the last six months. AUD expanded his post-RBA profits slightly to the London open for 1.0823 - a six-month high - and then consolidated between 1.0763 and 1.0816. NZD fluctuated in 0.8315 and 0.8374. AUD/NZD consolidates the 1.2 per cent post-RBA amplification and ranging from 1.2900 to 1.2960.
Economic wrap
US IBD tip economic assessment rose to 49,4 in February, the sixth straight gain, powered through federal policies and personal finances, but a marginal pull-back in the Economic Outlook improved (which increased the previous month had). Even Fed Chairman Bernanke reviewed its Feb 2 House budget Panel testimony of the corresponding Senate Committee.
Canadian building permits jump 11.1% in December with posting a further 16 per cent, but not RES residential only 3% after a steep 15% fall in November.
German industrial production fell 2.9% in December, the fourth month of five without an increase. IP growth slowed to only 0.9% yr in the first two quarters of recession 2008 before end of the year world trade to reduce the pace, which it was executed.
UK BRC retail survey below 0.3% yr Jan, confirm that the top of Dec 2.2% yr was a temporary distortion related to snow storms a year earlier. BRC described the result as the second worst January since 1995.
Market Outlook
AUD/USD and NZD/USD Outlook next 24 hours: the local calendar are today quiet market attention focused on all the headlines of the various relating to Greece meet. For AUD, 1.1000 then focuses on a sustained break of 1.0820 (the 2nd May 2011 secondary tip). The currency remains technically overbought, but momentum is positive, the rally will be continued. NZD is still overbought but none is reversal signal still on hand. AUD/NZD has returns to, possibly the downward trend three months an immediate correction bull market outside-training day.
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