BNZ Market Commentary
Note: The commentary is provided on business days only.
The commentary below is as at: 29/07/2010
THE NEW ZEALAND DOLLAR OPENS THIS MORNING DOWN AGAINST ALL THE MAJORS ACROSS THE BOARD, BAR AUSTRALIAN DOLLAR, AFTER A BOUT OF RISK AVERSION PENETRATED GLOBAL EQUITY MARKETS PUSHING THE DEMAND FOR COMMODITY CURRENCIES LOWER. AMERICA'S BEIGE BOOK REPORT ANNOUNCED BY FETHE NEW ZEALAND DOLLAR OPENS THIS MODESCRIBED THE AMERICAN ECONOMY AS STILL MOVTHE BOARD, BAR AUSTRALIAN DOLLAR, AFA SLOWER PACE THAN LAST YEAR. AREAS OF IMPRGLOBAL EQUITY MARKETS PUSHING THE DETOURISM, AN EXPANSION IN MANUFACTURING AND AMERICA'S BEIGE BOOK REPORT ANNOUNCEALL 12 DISTRICTS CONTINUE TO BE DRAGGED DOWDESCRIBED THE AMERICAN ECONOMY AS STCORE INFLATION SURPRISED THE MARKET BY RISIA SLOWER PACE THAN LAST YEAR. AREAS 2.7% IS WITHIN THE 3% RANGE INDICATING THATTOURISM, AN EXPANSION IN MANUFACTURIHIKE RATES NEXT TUESDAY. NZ OCR OUT TODAY, EXPECTATIONS FOR A .25PT HIKE.
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