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Forex Flash: Exogenous NZD update - Nomura

FXstreet.com (Barcelona) - Nomura Strategist Geoffrey Kendrick notes that New Zealand Prime Minister John Key updated estimates for the Christchurch rebuild over the weekend.

He comments that the cost is now estimated to be NZD 40bln, up from NZD 30bln, or nearly 20% of annual GDP. He sees that this add further stimulus potential to the NZ economy (and hence raises the possibility of RBNZ hikes), as well as potential for more NZD inflows, (either insurance-related, or to buy the extra government debt this will entail.) He feels that this positive NZD news comes on the back of further positive NZD news over the past month or two (milk prices plus lack of RBNZ intervention). he comments that NZD remains his top pick within the G10 space for the rest of 2013.

US: Pending Home Sales beat consensus at 1.5% in March

The National Association of Realtors indicated that US pending home sales beat market consensus at 1.5% (MoM) in March, instead of the 1.0% expected. Annualized data came in at 7.0%, above 6.1% consensus but not as high as last year’s figure of 8.4%.
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Forex: EUR/USD stays above 1.3080 after US housing

Profit taking from 1.3116 high followed the release of German CPI and the EUR/USD eventually returned to 1.3080 area, where it was able to consolidate its gains during the European morning. US data is being published (US pending home sales just now) and investors are only waiting for Dallas Fed manufacturing business now.
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