FUTURES $US contracts firmer
Both the U.S. dollar contract on the Futures Exchange and the New Zealand dollar on the foreignexchange market rose yesterday.
U.S. dollar futures rose 100 to 200 points, while the kiwi dollar held its ground against the resurgent U.S. dollar. Mr Geoff McDonnell, futures manager of Mair Astley, said the futures market
was expressing an opinion that the U.S. dollar would firm against the kiwi dollar.
The futures rates for PCPs (prime commercial paper) rose, indicating a belief that interest rates will fall. Mr McDonnell said the movement was a technical correction after an overreaction in the market to higher rates of short-term interest.
Wool-contract trading was quiet, only 23 lots being traded. Some of these were by a large investor taking profits.
Details of trading yesterday:
SUS CONTRACTS Mth Open H/L Last Vol Sep 1.8910 8980/8910 8945 56 Oct 1.9250 9250/9250 9250 5 Contracts traded: 61
COMMERCIAL BILLS Mth Open H/L Last Vol Sep 7200 7220/7185 7220 83 Oct 7470 495/470 493 38 Nov 7640 648/635 648 22 Dec 7765 799/765 799 5 Jun 8015 015/015 015 1 Contracts traded: 149 WOOL FUTURES Mth Open H/L Last Vol Oct 494 94/90 90 5 Jan 501 01/01 01 11 Mar 512 12/12 12 2 May 518 18/18 18 2 Oct 537 37/37 37 1 Mar 545 545/545 545 2 Contracts traded: 23
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Press, 10 September 1985, Page 28
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226FUTURES $US contracts firmer Press, 10 September 1985, Page 28
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