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

 

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

OECD And Zero Carbon Reports: Environmental Pressures Rising In New Zealand

New Zealanders enjoy a high environmental quality of life and access to pristine wilderness. However, New Zealand’s growth model, based largely on exploiting natural resources, is starting to show its environmental limits with increasing greenhouse gas emissions and water pollution ... More>>

ALSO:

Statistics: Record Net Annual Migration Levels Continue

In the February 2017 year, 71,300 more migrants arrived in New Zealand than left, Stats NZ said today. This equalled the previous annual record set in January 2017. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news