JPY Daily News

PM John Key Wins Re-Election

NZ PM John Key won re-election with a strong mandate for his second term. Key has focused on reducing government spending but his attempts have been slowed by the global financial crisis and multiple earthquakes. New Zealand bond markets have signaled an approval of the government's spending policies with bond yields falling, though this may also be a product of investors seeking alternative safe haven assets with the European debt crisis. Interestingly enough, Key is a former foreign exchange trader.

The NZD rose yesterday in-line with other risky assets. However, the appreciation in the currency may be short lived as the NZD/USD has already put in serious technical damage with a break of its long term trend line from the 2010 May low. Support is found at last week's low of 0.7370 with resistance at the old trend of 0.7565 followed by the May low of 0.7750.

Current Time: 05/26 22:45 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
11/29
	23:15	JPY	Manufacturing PMI		50.6	*	49.1
	23:50	JPY	Prelim Industrial Production	m/m	-3.3%	1.1%	2.4%