NZD/USD0.8430 – 0.8490
GBP/AUD1.5270 – 1.5330
Australian Dollar forex trading:
In a very positive week for the Australian dollar the higher yielding asset continued its good form against the Greenback late on Friday. Well boosted by HSBC's Flash PMI which rose to 50.9 in December up from 50.5 in November already there are signs that China has a tolerance for slower growth as the world's second largest economy shifts to a more consumer driven model in an attempt to achieve quality and sustainable development. Reaching highs of 1.0576 ongoing fiscal cliff fears as well lower than usual volumes have seen the Australian dollar consolidate its recent strength opening well in positive territory this morning at a rate of 1.0564. On the outlook this week Monetary Policy minutes which are scheduled to be released tomorrow will be closely watched for short-term interest rate hints.
New Zealand Dollar forex trading fundamental analysis:
The New Zealand dollar continued its strong performance against its US Counterpart late last week well supported by signals out of China that New Zealand's most important trade partner is seeking a higher quality of growth ahead of quantity. Following a better than expected Manufacturing PMI reading the Kiwi rallied to an overnight high of 0.8475 before settling to where we are this morning currently buying 84.60 US Cents. Whilst a string of disappointing services and manufacturing reads did come to light from Europe global risk sentiment has remained buoyant with only disastrous fiscal cliff negotiations likely to have a substantial impact.
Great British Pound forex trading fundamental analysis:
The Great British Pound enjoyed a solid session of gains late last week, rallying by more than half a cent alone against its US Counterpart on Friday. Following a week where the official unemployment rate fell and industrial orders rose the Sterling has also been well bolstered by a weaker Greenback which continues to be weighted down by ongoing debt negotiations. After trading between a 24 hour range of (1.6102 – 1.6176) against its US Counterpart the Sterling opens stronger this morning at a 1.6167. Meanwhile on the across rates the Sterling is relatively unchanged against both the Aussie (1.5300) and the Kiwi (1.9095)
Global markets and Majors forex trading fundamental analysis::
In what was a generally mixed day for markets on Friday, investors once again managed to put a positive spin on an otherwise cautious environment. Given disappointing French Manufacturing and Services PMI readings, broader European weakness and mixed results from German it does come as some surprise to see global risk sentiment still well intact. Trading between a 24 hour range of (1.3065 – 1.3172) against its US Counterpart the Shared Unit was well support by positive Chinese Manufacturing PMI data which has renewed faith that the leaders assuming power in a once a decade handover to be completed in March are capable of leading structural changes into the future. Meanwhile this morning the Euro opens around half a cent stronger at 1.3160. Jumping across to the US and despite the odds increasing that Congressman will not be able to avoid the fast approaching fiscal cliff there were some positive signs on Friday, specifically better than expected Industrial Production figures as well as decreased inflationary pressures. With progress remaining slow and messages mixed expect ongoing debt negotiations to well and truly steal the limelight in the lead up to Christmas.
Source: ozforex
Data releases
AUD: RBA Assist Governor Debelle Speaks
NZD: Westpac Consumer Sentiment
JPY: No Data Today
GBP: Rigthmove HPI m/m
EUR: Trade Balance, ECB President Draghi Speaks,
USD: Empire State Manufacturing Index, TIC Long-Term Purchases, FOMC Member Stein Speaks
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