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

 


Earnings Season prepares return to risk

11.08 NZST, Wednesday 30 January 2013

Earnings Season prepares return to risk
By Andrew May (Sales Trader, CMC Markets New Zealand)

With the fourth quarter US earnings season in full swing pushing markets to historic highs not seen since 2007, commodities and growth currencies are witnessing ignition for a short to medium sustained break out

Early this week the Kiwi slid into free fall after a milk contamination scare for Fonterra saw milk powder sales plummet, and ensured the Kiwi US cross fell 50pts from Monday's open to 0.8310.

However, strong risk appetite gained momentum as traders departed treasuries and transitioned into the fast paced equities market. The NZD regained lost composure to currently tread support at 0.8365 with a view to pushing last year’s 0.8459 highs.

Boosted by yesterday's December trade surplus, the Kiwi has opened today at 0.8370. It’s also sitting comfortably at AUD 0.80 and has earmarked YEN 76.00 with a view to pushing to 76.50 highs. The only notable retraction is against the Euro to where it’s retested 0.62 from 0.6450 highs three weeks ago.

As long as the FOMC meeting early tomorrow morning doesn't rock the boat with further debt ceiling commitment talks and the RBNZ official cash rate keeps the status quo we should see the DOW hit the 14,000 mark comfortably thus taking the majority of Kiwi cross rates up in its wake.


http://www.cmcmarkets.com/


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news