US Markets surged to new record highs to close a very strong risk-on week. The US Dollar continued its recent bull run rising to 1.2830 and the GBP 1.5170. The strength of the US is a sign of confidence in the domestic economic recovery and despite the Fed's QE Infinity policies. Their are signs of doubt with a rising Dollar while Bond yields rise and equities also gain. This is a conundrum with inherent contradictions. The uneasy signals being emitted arise from a Global Economy under pressure with Europe immersed in an extended recession and Asian growth being curbed. The demand play has hit commodities and hit the associated currencies hard, exaggerated by the rising Dollar. The AUD has plummetted to 0.9730 as the Labor Govt stumbles in the lead up to an almost certain loss in the September election. The KIWI has also been dragged back down to 0.8050 despite signs of an improving local economy that can only gain from a weaker currency boosting the trade exposed sectors. A huge week to come with Central Banks again in focus and a close look at the important Housing sector in the US.

20/5 Chicago Fed's National Activity Index, UK Home Sales, Japan Monthly Cabinet Economic Report

21/5 Aust Leading Index, RBA Minutes, RBNZ Inflation Report, NZ Credit Card Spending, Japan Industry Acitivity Index, German PPI, UK PPI/CPI

22/5 NZ Migration, Bank of Japan Rate Decision, Aust Consumer Confidence, Bank of England Minutes, UK Retail Sales, US Weekly Mortgage Applications, US Existing Home Sales

23/5 Aust Inflation, China Flash Manufacturing PMI, France PMI, German PMI, EU PMI, UK GDP, UK Trade Balance Exports/Imports, US Weekly Jobless Claims, US House Price Index, EU Consumer Confidence, US New Home Sales

24/5 NZ Trade Balance Exports/Imports, German GDP, German Trade balance Exports/Imports, US Durable Goods Orders

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