Posts Tagged ‘NZD’
NZ/Aus/S. Africa - Weekly Update - Tuesday, March 9, 2010 21:47 - 0 Comments
World First Foreign Exchange NZD / AUD Update: 10 March 2010
• Australian Job Advertisements and Business Conditions support the Aussie.
• Non-farm payrolls, marginally worse than expected.
• A strong GDP figure as expected.
• Greece; still grabbing headlines but nothing concrete.
Yesterday saw a strong reminder of the resilience of the Australian economy, with the ANZ Job Advertisements figure out at 19.1%. The figure was released at the same time as NAB Business Conditions which at 8, was significantly higher than the previous month.
The Australian GDP figure mid-last week was as expected at 0.9% (QoQ) which was the fastest growth in GDP for two years and reflects the continual growth in the local economy. Importantly, the Trade Balance figure released last week was also better than expected at -1.18B. Today’s Westpac Consumer Confidence and Home Loans figure will reflect whether the Hawkish stance on economic data extends to the construction sector.
The Australia’s job ads figure came after Friday’s softer than expected US Non-farm Payroll figure which was slightly worse than expected at negative 36K. The figure is widely considered one of the most important pieces of economic data as it reflects economic growth and the pressure on wages/inflation. This time last year, the figure was negative 665K however the figure has remained soft at these levels for the past five months.
There are continuing developments from the Eurozone with the Greece Austerity measures being the latest phrase to dominate the market. Generally, there has been little direction from Greece with mainly signalling rather than agreements on sovereign debt provisions. It’s early in the monthly data cycle however the local figures have been mounting pressure on Governor Glenn Stevens and Co. to navigate the cash rate higher.
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