The NZD/USD opens at 0.8285 this morning after trading a quiet 40 point range overnight.
Global stocks had a positive session with most European markets up over 1% and the S&P 500 is currently up 0.57%.
The NZD opens at current indicative levels: 0.9286 AUD, 0.6084 EUR, 0.5050 GBP, 86.56 JPY, 0.8920 CAD.
Not much to report on the local front today.
Tonight the focus will be on the ADP employment report in the US which is a precursor to this Friday's Non Farm Payrolls report.
Email:
-------------------------------------------------------------
Dan Bell is the senior currency strategist at HiFX in Auckland. You can contact him here »
No chart with that title exists.
1 Comments
The headline seasonally adjusted fictitious number for nominal factory orders rose 1.8% from October to November, a little better than the consensus guesstimate of a gain of 1.7%. The actual change in real orders, adjusted for inflation, and not seasonally manipulated, was a drop of 3.6%. That is so so for a November. The average drop for the prior 10 Novembers was 3.9%.
The year to year gain was 2.8%. They’re all the way back to 2006 levels. Wow. A trillion in Fed money printing was associated with a 2.8% gain in factory orders. That’s quite a manufacturing renaissance. Shall we note that manufacturing growth is slower than GDP growth? Meanwhile, stocks rose 27.5% over that time. Somebody got richer, but it wasn’t factory workers.
Did you notice that Boeing was able to hold a gun to the head of its skilled machinists, successfully forcing them to take a pension cut? The labor movement is dead in America. Corporations are feudal lords, doling out crumbs to the peasants. The middle class sinks further down the economic scale. This trend does not end well.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.