FX Weekly: 13th June 2011
Mammoth and crucial week of data will kick off on Tuesday following European holidays today.
New NZ earthquake brought back the same jitters as February’s quake – NZD/USD under pressure once again as attention turns to extent of economic damage and whether or not RBNZ will engage in further rate cuts.
With Euro-zone ministers expected to announce a concrete solution to the Greek problem on June 23rd, market participants are all having déjà vu. As was the case prior to previous rescues, expect to see elevated spec EUR interest around European bond auctions, ECB comments and credit agency chatter.
Large tranche of Chinese macro-data takes centre stage; speculators are keen to anticipate the outcome because it will gauge the extent of deterioration in the global recovery story of late. Currencies most affected are AUD, NZD, CAD and Scandies v USD.
New NZ earthquake brought back the same jitters as February’s quake – NZD/USD under pressure once again as attention turns to extent of economic damage and whether or not RBNZ will engage in further rate cuts.
With Euro-zone ministers expected to announce a concrete solution to the Greek problem on June 23rd, market participants are all having déjà vu. As was the case prior to previous rescues, expect to see elevated spec EUR interest around European bond auctions, ECB comments and credit agency chatter.
Large tranche of Chinese macro-data takes centre stage; speculators are keen to anticipate the outcome because it will gauge the extent of deterioration in the global recovery story of late. Currencies most affected are AUD, NZD, CAD and Scandies v USD.
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