Forex Flash: Antipodean currencies face negative pressures – UBS (Barcelona) - “Antipodean currencies have been bullied around by mixed data releases, references to currency strength by politicians, and some unfavorable press coverage.” noted Gareth Berry, a Research Analyst at UBS. Overnight, New Zealand GDP came in considerably stronger than expected at +0.6% QoQ (cons. 0.4%).

However, according to our New Zealand economist, “we doubt the stronger print will prompt the RBNZ to hike sooner than previously indicated, given there is enough uncertainty about the global outlook to suggest that the RBNZ will leave the OCR unchanged for some time yet – perhaps until the H2 2013.”

Furthermore, a private sector flash estimate for China PMI nudged ever so slightly higher to 47.8 (prev. 47.6), however there was little reaction as all the attention was focused on an article in the Australian Financial Review suggesting that Australia's triple-A rating could be at risk if AUD/USD does not fall in line with weaker commodity prices.