Commentary
Non-Farm Payrolls missed expectations by a considerable margin, reversing recent trends on the economic front, boosting expectations that the Fed will continue to supply the necessary drug to the addicted economy. Only 142,000 jobs were added, while Unemployment remained 6.1%, although participation remains at record lows. European economic news is dire, with GDP growth non-existent, while the ECB using monetary policy for triage. The EURO reflects that, trading 1.2950, as the GBP slumped to 1.6325. European threats of further sanctions are pathetic and a form of self-harm. The Russians are in complete control of the Ukrainian situation and the sooner the erstwhile Government agree to terms the better for all. Peace is likely in Europe and IS will pre-occupy the Western nations who ‘talk a big game’! Perhaps Wheeler will pull his head in this week but dreams are free. The NZD has regained some ground from last week but still trades tentatively above 0.8300. Against the major currencies the NZD has held ground trading at 87.04 against the JPY, 0.6410 against the EUR and 0.5110 against the GBP. All good buying against the year to date averages.
Collinson & Co 