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90 seconds at 9am: NZ confidence up; US confidence down; India tightens
October 28th, 2009Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news New Zealand consumer confidence rose to its best level since late 2007 in October. The ANZ Roy Morgan poll showed a net 32% had a positive outlook for the economy.
This contrasted with weaker confidence in the United States in October, which surprised markets. Most US stocks fell, partly due to strong demand for US treasuries. US jobs are the problem.
Meanwhile the Reserve Bank of India tightened monetary policy overnight, making it the second major economy after Australia to tighten policy.
Meanwhile, our own Reserve Bank is widely expected to hold the Official Cash Rate at 2.5% on Thursday morning at 9am. However, it may bring forward expected rate hikes from its current ‘latter part of 2010′ to earlier in 2010.
Tags: 90 at 9, 90 seconds at 9am
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October 28th, 2009 at 9:23 am
Who’s buying all the US treasury T notes?
Over the last few days, VIX is up sharply (people are nervous), USD$ is rallying (flight to safety), Oil is up (global economy is going well?!?!), and yet gold is down (no longer a safe haven?!?!) along with stocks (fair enough – way overpriced).
Something strange is going on here.
October 28th, 2009 at 9:57 am
Matt S: I agree, its getting pretty weird. Can anyone take a stab at explaining this?
October 28th, 2009 at 10:22 am
Here’s an interesting article, which goes some way to explain what might be going on;
http://jessescrossroadscafe.blogspot.com/2009/10/us-dollar-rally-of-2008-bull-market-in.html
October 28th, 2009 at 8:37 pm
read the article Matt and I don’t think that is the case here, the rally reversal may be short lived. Lets revisit the subject in say two weeks and see where it’s at then .