FUTURES $US contract surges
A dive in the New Zealand dollar on the foreignexchange market late yesterday caused a jump in the United States dollar futures contract.
The March contract closed 70 points down on the Wednesday close and the April contract was down 190 points.
Mr Alan Overton said that the fall of the kiwi about one cent to 51.5 U.S. cents about 3 p.m. meant there should be good buying in futures today. Speculators should look at going long (taking buying positions) on U.S. dollar futures this morning if the N.Z. dollar is 52 U.S. cents or more on the foreign-exchange market He thinks a sharp fall in the kiwi dollar is imminent.
Futures sources said the dip in the kiwi yesterday was caused by one large order,
possibly to meet an overseas borrowing commitment.
The PCP indices were easier yesterday. The March contract finished 10 points under the Wednesday close. April was down seven points and May five points.
The futures indices for five-year Government stock also eased. The March contract finished 11 points down on the Wednesday close and April was down 10 points. Wool futures were virtually unchanged. Details of yesterday’s trading: SUS CONTRACTS
Contracts traded: 65 Open positions at February 26: February 316, March 254, April 30, September 3, December 2, total 605 (down 7).
Open positions at February 26: Mar 971, Apr 539, May 100, Jun 152, Sep 92, Dec 24, Mar 7, total 1885 (up 30).
Contracts traded: 59 Open positions at Feb 26: Mar 4, Apr 28, May 2 (up 20).
Open positions at Feb 26: Mar 85, May 309, Aug 212, Oct 208, Dec 220, Jan 227, Mar 325, May 260, Aug 72, total 1918 (up 29).
Mth Open H/L Last Vol Mar 1.9055 9400/050 9320 53 Apr 1.9180 9650/180 9650 12
COMMERCIAL BILLS Mth Open H/L Last Vol Mar 7655’ 655/640 640 2 Apr 7750 750/739 739 45 May 7830 830/830 830 10 Contracts traded: 57
GOVERNMENT STOCK Mtb Open H/L Last Vol Mar 8120 122/120 122 7 Apr 8128 128/110 125 52
WOOL FUTURES Mth Open H/L Last Vol May 515 515/515 515 3 Aug 530 530/530 530 2 Jan 532 532/532 532 3 Mar 534 534/534 534 2 May 543 543/542 542 12 Aug 553 553/553 553 3 Contracts traded: 25.
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Press, 28 February 1986, Page 16
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384FUTURES $US contract surges Press, 28 February 1986, Page 16
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