FXstreet.com

Weekly Commentary

0

0

Spending less, making less

Mon, Jun 22 2009, 07:23 GMT
by Westpac Institutional Bank Team

Westpac Institutional Bank


The sole piece of domestic data last week was a surprising 0.2% lift in manufacturing sales.

However, the rosy headline was entirely due to a 23% lift in sales of dairy, most probably reflecting inventory reduction. The rest of the survey implied dire falls in production for most industries, and an extremely weak quarter for manufacturing.

This week’s data calendar is fairly full, starting with net migration today. Net migration has been rising sharply over the past few months, as the number of Kiwis crossing the Tasman has plunged. Annual total net migration for the year to May 2009 was a massive 11,200, compared to just 3,800 in the year to December 2008. Rising net migration is an important swing factor for the New Zealand economy, and has no doubt played an important role in the recent housing market pickup. The RBNZ will be taking careful note.

The perkier housing market, along with improved news from overseas, could see the Westpac June McDermott Miller Consumer Confidence Index rise a little when it is released on Wednesday. But the positive vibes will be tempered by confidence-sapping rises in long-term interest rates, rising fuel prices, rising unemployment, the axing of the 2010 and 2011 tax cuts, and now the outbreak of swine flu.


Archive

Westpac Institutional Bank  | ABN 33 007 457 14
http://www.westpac.co.nz | natalie_denne@westpac.co.nz

Legal disclaimer and risk disclosure

No disclaimer available

Related reports

Daily World Market Update - Dollar's Day of Data; GDP, Consumer Confidence, Fed Minutes by World First UK Ltd
Tue, Nov 24 2009, 08:39 GMT

Sunrise Market Commentary - The testimony of BoE King and other governors will attract attention too by KBC Bank
Tue, Nov 24 2009, 08:01 GMT

Forex Trading Strategies - Dollar bears take a breather as Asia focuses on bank capital levels by Saxo Bank
Tue, Nov 24 2009, 07:27 GMT

Weekly Update - The euro rose buoyed by positive economic data from Europe by Union Bank of California
Tue, Nov 24 2009, 06:16 GMT

Technical Market Commentary - Technical Market Commentary by India Forex Advisors
Tue, Nov 24 2009, 05:58 GMT

indicator, fundbanks, migration, confidence, housing, manufacturing

View All

Related content


Interested in forex trading? forex brokerage firms!


FOREX.com
Contact the broker/FDM
Open a demo account
MG Financial Group
Contact the broker/FDM
Open a demo account
Alpari (US), LLC
Contact the broker/FDM
Open a demo account
MIG INVESTMENTS SA
Contact the broker/FDM
Open a demo account
FXDD
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.