Read this column for daily commentary of foreign exchange, interest rates and bourses. Wednesday 10th March 2010 AUD/USD and NZD/USD outlook next 24 hours: AUD has immediate resistance at 0.9140 and support around 0.9070. A break above 0.9140 would add to upside risks. Today sees two important releases with the Westpac Consumer Sentiment release plus housing finance. NZD’s levels are 0.7080 and 0.6950, with all focus now on the RBNZ Thursday and retail sales on Friday.
The NY session saw mixed price action for asset markets with equities building on recent gains but commodities slightly softer. US equities saw modest gains, though fi nancials had another positive session. Following yesterday’s Metlife/ AIG announcement, Barclays Plc noted it was seeking another major US retail bank acquisition though no deal was imminent. Citigroup shares extended recent gains to hit the highest levels seen since December. The widely watched BKX bank index also hit the highest level seen since early December. The fl ipside of this move was gold which slid 0.5% on comments from China that it will ‘be prudent ion buying gold’. Crude is also down 0.7% as traders book profi ts ahead of 82.50. Copper slid 0.5%. More>>
The USD is slightly firmer helped by softer oil and gold.
GBP gave up recent gains and sits just beneath the 1.50 level having hit a high of 1.5197 yesterday.
EUR continued to mark time in very well rehearsed ranges. However, the ‘commodity bloc’ had a much better session.
USD/CAD continued to push towards key support at 1.0225.
AUD saw a low of 0.9056 in London but this was met by solid demand and we quickly pushed higher towards 0.9140.
The NZD saw similar price action hitting a low in London 0.6962 but also quickly pushed back up above 0.7030. More>>
