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Australian Oct trade position was materially weaker than expected - Westpac

Andrew Hanlan at Westpac notes his afterthoughts following the release of Australian trade deficit figures, which disappointed widening by $0.2bn to $1.5bn. Exports came in at +1.4%, while imports at+2.3%.Key Highlights:For October, the trade position was materially weaker than expected.The anticipated improvement failed to materialise in October, with the deficit...

05:00 08 December /2016 Forex

New Zealand BPS – “Surprise” is in bond buying program – ANZ Research

ANZ Research takes note of the surprise offered by the New Zealand budget statement in its report on ‘2016 Half-Year Economic and Fiscal Update (HYEFU) and 2017 Budget Policy Statement (BPS).Key quoteAlthough most (including us) assumed the hit from the Kaikoura quake would lead to an upgrade in current year issuance (duly lifted from $7bn to $8bn), the surprise is that the slack ...

05:00 08 December /2016 Forex

NZD/USD peeps above 0.72 after Fonterra boosts payout forecast

The NZD / USD rose to an Intraday high of 0.7211 after reports hit the wires that Fonterra has boosted the forecast payout to farmers by 50 cents to $6.40 a kilo of milk solids.The pair was last seen just below the 0.72 handle.The upward revision of the forecast pay...

04:46 08 December /2016 Forex

Federal judge removes order that had allowed Michigan's recount

A federal judge lifts order that had allowed Michigan's recount, effectively ending it, Livesquawk reports. 

04:23 08 December /2016 Forex

Fonterra says total farmer payout this year likely to be $6.40/kgMS

According to NZ Hearld, Fonterra Cooperative Group has told shareholders at its annual meeting in Darfield today that the farmer payout this season will be $6.40 per kilogram of milk solids.Main headlines - NZ HeraldThe cooperative boosted its forecast farmgate milkprice for the current season to $6/kgMS last month after rising global dairy prices, adding an estimated $3.8 billion...

04:23 08 December /2016 Forex

AUD/USD: 0.7500 was broken but bears jumped on poor trade data

Currently, AUD/USD is trading at 0.7488, up 0.11% on the day, having posted a daily high at 0.7507 and low at 0.7474.AUD/USD has penetrated the 0.75 handle and levels that it has been attempting since late November - however, to little avail and sellers are back in taking the pair down to current aforementioned spot at the time of writing after t...

04:00 08 December /2016 Forex

NZ Half Year Economic and Fiscal Update 2016

In today's NZ half year economic and fiscal update of 2016, New Zealand sees 2016/17 net debt at 24.3 pct of gdp, with a budget forecast of 25.6 pct of GDP. Additional headlines nz sees 2020/21 obegal surplus nz$8.5 billion nz sees 2017/2018 obegal surplus nz$3.3 billion (budget forecast: nz$2.455 billion) nz sees net debt declining to 18.8 pct of gdp by 2020/21 nz sees 2016/17 ca...

03:46 08 December /2016 Forex

USD/JPY: a buy on dips ? Ross J Burland

Currently, USD/JPY is trading at 113.63, down -0.12% on the day, having posted a daily high at 113.86 and low at 113.58.USD/JPY is slightly lower on the open in Tokyo vrs a corrective move overnight that reached a high of 113.99. Analysts at Westpac offered the Yen as a high conviction trade at the end of last month with a buy USD/JPY and buy sto...

03:46 08 December /2016 Forex

AUD/USD: testing firm resistance aheda of 0.7500 before key data coming up

Currently, AUD/USD is trading at 0.7483, up 0.05% on the day, having posted a daily high at 0.7489 and low at 0.7474.AUD/USD is probing the upside and a level that it has failed at continuously since its first attempt since late November. The market has been backing the US dollar since Trumps victory and on the basis that the Fed is likely to hik...

03:00 08 December /2016 Forex

JOLTS review: above pre-recession levels - Nomura Ross J Burland

Analysts at Nomura offered the JOLTS review.Key Quotes:"Job openings were 5534k in October, in line with market expectations of 5500k following a revised 5631k job openings in September (previously reported as 5486k). Hirings and separations edged lower by 22k and 61k, respectively, implying that labor market churn (turnover) slowed in October.Although openings, hirings and separa...

02:23 08 December /2016 Forex

ECB to extend its quantitative easing programme - ANZ Ross J Burland

Analysts at ANZ explained that the market is optimistic that the ECB will extend its quantitative easing programme tomorrow at current levels for a further six months.Key Quotes:"There is a real risk of unpleasantness in European bond, equity and FX markets if Draghi doesn’t at least meet expectations. However, as well as the general emerging political concern about unintended con...

02:00 08 December /2016 Forex

GBP/USD dipping back to the 1.24 area on a 3 mth view - Rabobank Ross J Burland

Analysts at Rabobank explained that while position adjustment can explain this month’s move higher in the pound, without a new piece of supportive UK political news we see little additional upside potential near-term.Key Quotes:"Although the market appears to be expecting the Supreme Court to rule against the government, this news should by now be priced-in. Additionally, despite ...

01:46 08 December /2016 Forex

Wall Street making fresh record highs, how sustainable is this rally?

The Trump rally has continued mid-week on Wednesday and we are into further record territory.The Dow Jones Industrial Average DJIA, +1.55% meanwhile, set another all-time high of 19,558.42 and finished at 19,549.62, registering its third-straight record close in a row.The S&P 500 index also made a record high of 2,241.63 and made a closing high of 2,241.35, after opening in negative territory....

01:00 08 December /2016 Forex

Moody's has revised Italy's outlook to negative from stable

Moody's has rated Italy down to BAA2 as reported recently on Reuters:Here are some of the comments on Reuters:

00:46 08 December /2016 Forex

AUD/USD: bearish on medium-term time frame, can bulls cross 0.7500 today?

Currently, AUD/USD is trading at 0.7479, down -0.01% on the day, having posted a daily high at 0.7482 and low at 0.7478.The greenback has been offered overnight and has enabled a comeback in the Aussie, targeting 0.75 handle and the fib resistance where it has failed on a number of occasions already. Iron ore prices have also given the Aussie a b...

00:23 08 December /2016 Forex

Brexit: UK lawmakers have backed the government timetable to trigger EUs article 50 by end of March Ross J Burland

UK lawmakers have backed the government timetable to trigger EUs article 50 by end of March

00:23 08 December /2016 Forex

AUD/NZD and antipodean rates outlook - Westpac Ross J Burland

Analysts at Westpac offered AUD/NZD in a 1 day outlook.Key Quotes:"Rangebound between 1.0415 and 1.0500, momentum slightly negative.AUD/NZD 1-3 month: Higher to 1.0750 or above. The cross remains well below fair value estimates implied by interest rates, commodity prices and risk sentiment. (22 Nov)AU swap yields 1 day: The 3yr and 10yr should open around 2.00% an...

00:00 08 December /2016 Forex

RBNZ: Wheeler offering bullish and less dovish picture

RBNZ governor Wheeler dropped hints that their will not be further rate cuts at the February meeting should the status quo remain intact. The following is a good insight for the market to chew on while there is a void between November's meeting and February 2017's.Wheeler explained that the growth prospects look promising.Further quotes:NZD/USD is...

23:46 07 December /2016 Forex

Market wrap: US dollar and rates under pressure - Westpac Ross J Burland

Analysts at Westpac offered a market wrap.Key Quotes:"Global market sentiment: The US dollar and US interest rates remained under downward pressure overnight, and equities did well (S&P500 +0.8% to a record high), helping AUD/USD and NZD/USD rise.Interest rates: US 10yr treasury yields fell from 2.40% to 2.34%, and 2yr yields fell from 1.12% to 1.10%. Fed funds futures continu...

23:00 07 December /2016 Forex

USD/CAD consolidates losses, at lowest since October

USD/CAD dropped after the decision of the Bank of Canada to leave rates unchanged, as expected. The loonie rose modestly in the market following the statement and then stabilized, consolidating gains. Versus the US dollar, it reached the highest level since October. USD/CAD bottomed at 1.3232 and then rebounded modestly, finding resistance below 1.3260. Currentl...

22:46 07 December /2016 Forex