Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Risk appetite battles market stability

10.53 NZST, Wednesday 14 November 2012

Risk appetite battles market stability


By Andrew May (Sales Trader, CMC Markets New Zealand)

It has been a choppy night's trading range for the Kiwi US cross between 0.8156 and 82c. Markets have bounced continuously with the DOW closing 58.9 points -0.46% lower to 12,756.18. The US session has been dragged down by financial and tech heavy magnets Intel, Hewlett Packard, JP Morgan & Microsoft. However, there was a short rally pushing the DOW to a session high 83 points upon news that US congress may have found solidarity with a bias towards the looming US fiscal cliff alongside easing concerns of the inevitable Greek bailout.

As a consequence of the market volatility we've witnessed over the last three months the NZDUSD continues to be thrown aggressively within a three month range of 8127 - 0.8302 due to investors tiptoeing between risk appetite and a potential fiscal meltdown. Get set for further fireworks as we move into 2013.

Locally the NZD may find a little pressure today with Retail sales figures due this morning and the manufacturing index due tomorrow. With pertinent data forecast, we should be aligned for a 0.4% increase to retail sales and possibly moving into just under expansion territory for the PMI.

The NZD/USD opens today supported by the post US market close at 0.8187, yet could retest 0.8165 or lower upon increased anxiety towards the northern hemisphere concerns, thus pushing dollar bulls back into favour and shunning riskier assets.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news