Bernard Hickey details the key news overnight in 90 seconds at 9 am in association with BNZ, including news the Australian dollar was remarkably resilient overnight despite the uncertainty around the Australian election result.
The New Zealand dollar held its own around 71 USc, but traders will be watching closely at 3pm when figures showing consumer and business inflation expectations are due to be released by the Reserve Bank of New Zealand.
Anything over 3% will raise expectations of further hikes in the Official Cash Rate later this year on September 16, October 28 and December 9.
Meanwhile, traders and economy watchers will also be focused on US Federal Reserve Chairman Ben Bernanke's speech to other central bankers in their annual get together at Jackson Hole in Wyoming in America.
The Dow fell 0.4% on concerns overnight about the US economy and fears about existing home sales data due later this week.
The Yen and US dollar rose too on safe haven buying amid fears about the global economic outlook.
US GDP revisions are also expected to show a slowing economy.
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15 Comments
The US double dip is here - in all its horrible graphical reality:
http://dshort.com/articles/Consumer-Metrics-Growth-Index.html
Easy to understand graphs using a very powerful measure of consumer activity (which makes up 70% of the US economy). If anyone can advance a counter arguement then feel free.
Please, no more 'surprised' comments from mainstream economists, it makes them look more infantile by the day.
Looking at those graphs Andy, it appears the double dip is history and the triple dip is groping for a bottom.
Are you looking at that smaller dip in the summer of 2006? GDP hit 0% that quarter - it many ways a harbinger of things to come.
As I recall that initial wobble in US consumer confidence was caused by a) the initial climb in petrol prices (which picked up speed in 2007) and b) the initial wobble in the US housing market.
It looks to be a pretty solid data set (even though its has a relatively short history).
galloping inflation, another double dip and another boom /bust cycle between now and 2014?
Gidday Rob..so they let you back onto the resthome pooter...mind how you go!
Are we ready for the Tsunami...here she comes:
Not sure what a resthome pooter is, Wally/Wolly?
i hear that there's a resthome for poofters down your way...is that where you are, you old fart?
now,go away...this blogging is serious business for us grownups!
you don't believe me?...check out the comments over the day on here..academic, focussed and incisive are they...
The resthome you refer to is in wgtn...next to the Beehive. Don't you go hogging that pooter you hear...let the old ladies have a turn...give the zimmer a run.
I think he has it fixed to his zimmer Garkenro.....he poots as he scoots!
speak to your doctor, Wally/Wolly..i'm sure he can finetune your meds ?
Withdrawal symptons , after selling his beloved PNA ?
Got the old copper blues , Wolly ? You will if PNA rockets to $1 , as I predict !
So you bought the stuff in hope GBH?....reports this week.
Just taking a 5 year view , rather than the 24 hour whip-saw approach of CNBC ! Those smart traders can profit from the day-to-day market gyrations . But me , I figure a long term approach will see commodities way up , and result in me being a very happy gummibar munchkin !
Rob knows that was not abuse anon...you gotta lighten up boy.
How's the ETS system working then?
" Last year, Europol, the cross-border police force, said that carbon trading fraudsters may have accounted for up to 90pc of all market activity in some European countries, with criminals mainly from Britain, France, Spain, Denmark and Holland pocketing an estimated €5bn (£4.1bn)." (telegraph)
Oh it's really working well....isn't it?
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