The AUD and NZD are likely to range trade for the next month, as the focus is on the EUR trade. There is still some play in the Yen, as it falls to the Y83-85 on weaker economic news out of the USA. We are going to see a weaker USD, and that I don't see adding either weakness or strength to the AUD or NZD. I would nevertheless expect a volatile AUD trading between 58c and 70c.
The NZD is likely to trade between 50c and 60c. I don't see any reason for a fall at this point to its historical level of 40c in the short term, though I can see that as a possibility in the longer term. The John Keys government is shaping up as a disappointment. A swear the guy is the illegitimate child of John Howard the way he is running policy at the moment. He must have been stillborn for the last 2 decades because he has learnt nothing, and he is fully against the trend. Counter-cyclical or just stupid? You be the judge.
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Andrew Sheldon www.sheldonthinks.com
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