Exchange Rates Development for Aug_ 2011 - Central Bank of Samoa

Document Sample
Exchange Rates Development for Aug_ 2011 - Central Bank of Samoa Powered By Docstoc
					                                                CONFIDENTIAL
                                                MEMORANDUM

                                                                                              21 September 2011

                                            THE MINISTER OF FINANCE

                                                                   cc:     Hon. Prime Minister
                                                                           Deputy Prime Minister
                                                                           Members of the CBS Board
                                                                           CEO - Foreign Affairs and Trade
                                                                           CEO - Commerce, Industry and Labour

                                  EXCHANGE RATES DEVELOPMENTS IN
                                           AUGUST 2011


A. OVERVIEW

The US dollar strengthened against most of its major currencies in the beginning of August as investors opted for
safe-haven currencies amid concern the U.S. recovery is faltering and after the Standard & Poor's rating agency
downgraded the U.S. credit rating. Signs the global economy is slowing and speculation Europe s debt crisis is
spreading also helped support the currency. However, the greenback later weakened as stock markets rallied on
better than expected economic data out of the U.S. The Fed held its funds rate unchanged at 0.25 percent.

The Yen strengthened against the greenback during the month as stock markets fell coupled with the Fed s
decision to keep its interest rate unchanged. The BOJ held its official interest rate at 0 0.10 percent.

The Euro weakened throughout the month on worries about the debt crisis in Europe and growing signs the global
economy is slowing. Reports which showed the unemployment in the region held at 10 percent in July from the
previous month also weighed on the currency. The ECB left its official interest rate unchanged at 1.50 percent.

The Australian dollar was weak against the US dollar in the first week of August as stock markets dropped on
worse than expected economic data from around the globe. It later strengthened as stock markets picked up again
on speculation the Federal Reserve will consider additional steps to bolster the U.S. economy. The RBA held its
policy interest rate at 4.75 percent.

The New Zealand dollar likewise weakened in the beginning of the month on worse than expected economic data
from around the globe. However, it later strengthened as stock markets rallied on speculation of additional
stimulus measures by the Fed coupled with strong economic data out of New Zealand. The RBNZ held its official
cash rate at 2.50 percent.

At end August 2011, the Tala weakened against the USD, the EURO, the FJD and the YEN while it strengthened
against the NZD, the AUD, from the previous month.
B. CURRENCY WATCH
                                                                     82.00
The US dollar opened the month strong against other                                                                                                                                                                               YEN/USD
major currencies as stock markets dropped on concerns                80.50
the pace of global growth is slowing. It continued to
strengthen as investors opted for safe-haven currencies              79.00
amid concern the U.S. recovery is faltering and after the
Standard & Poor's rating agency downgraded the U.S.                  77.50
credit rating to AA+ from its top rank of AAA. It then
declined against a majority of its most-traded counterparts
                                                                                                                                                                                                                                                                                                                                                                        31st




                                                                     76.00                                                                                                                                                                                                                                                                                29th
                                                                                                                                                                                                                                                                                                                                                                 30th




as U.S. employers added more jobs than forecast in July                                                                                                                                                                                                                                                                              24th
                                                                                                                                                                                                                                                                                                                                            25th
                                                                                                                                                                                                                                                                                                                                                   26th




and the unemployment rate fell, damping demand for                                                                                                                                                                                                                                                                     22nd
                                                                                                                                                                                                                                                                                                                              23rd




refuge. The greenback later rose following poor economic
                                                                                                                                                                                                                                                                                                                19th




                                                                                                                                                                                                                                                                                                         18th




                                                                                                                                                                                                                                                                                                  17th




reports out of the U.S and from around the globe.                                                                    Jul-11                                                                                                                                           Aug-11        12th
                                                                                                                                                                                                                                                                                           16th




                                                                                                                                                                                                                                                                             11th




Speculation that the region s debt crisis is spreading and as                                                                                                                                                                                             8th
                                                                                                                                                                                                                                                                9th
                                                                                                                                                                                                                                                                      10th




the Federal Reserve s plan to hold interest rates which             The Euro opened the month weak at US$1.4267 after                                                                                                                         4th
                                                                                                                                                                                                                                                    5th




failed to ease concern that the economic recovery is
                                                                                                                                                                                                                                        3rd




                                                                    Europe s index of manufacturing growth cooled to 50.4                                                                                                   1st
                                                                                                                                                                                                                                  2nd




stalling also helped support the currency. The U.S dollar           from 52 in June. It fell to US$1.4141 as European stocks                                                                                  28th
                                                                                                                                                                                                                     29th




strengthened against other major currencies as concern
                                                                                                                                                                                                       27th




                                                                    tumbled amid concern that a slowdown in the world s                                                                  25th
                                                                                                                                                                                                26th




deepened that the global economy is slowing and that                largest economy may derail global growth. The Euro later                                               21st
                                                                                                                                                                                  22nd




Europe s debt crisis will hurt the banking system. However,
                                                                                                                                                                    20th




                                                                    climbed to US$1.4259 as Italian Prime Minister Silvio
                                                                                                                                                             19th




                                                                                                                                                      18th




it later slipped as stock markets rallied on better than
                                                                                                                                               15th




                                                                    Berlusconi said his nation will speed up its austerity       13th
                                                                                                                                        14th




expected economic data out of the U.S. The U.S dollar               measures; spurring speculation the European Central
                                                                                                             8th
                                                                                                                   11th
                                                                                                                          12th




continued to fall versus most major peers as stocks rose                                               7th




                                                                    Bank may buy its bonds. It then weakened to US$1.4207
                                                                                           5th
                                                                                                 6th




after Federal Reserve Chairman Ben S. Bernanke indicated            as Standard & Poor s downgraded the U.S. credit rating,
                                                                               1st
                                                                                     4th




the economy isn t weak enough to need immediate                     growing signs the global economy is slowing and after
stimulus, encouraging demand for higher-risk assets. The            German business confidence dropped to the lowest level
greenback remained lower as stocks and commodities                  in more than a year. The Euro later strengthened to
climbed on speculation the world will avoid a return to             US$1.4505 as stock markets rallied coupled with
recession and after data showed U.S. consumer spending              speculation for a third round of quantitative easing in the
rose 0.8 percent in July, the biggest gain since February,          US. However, the common currency later weakened to
after a 0.1 percent decline the prior month. The U.S dollar         US$1.4460 on speculation the European Central Bank has
closed off the month weak as investors opted for higher-            finished raising interest rates as the region s sovereign-
yielding currencies coupled with the rise in equity and             debt crisis curbs economic growth. The Euro closed off
commodity prices.                                                   the month weak at US$1.4370 as data showed
                                                                    unemployment in the 17-nation region held at 10 percent
The Japanese Yen opened the month weak at Yen77.14 as               in July from the previous month.
the dollar strengthened on concerns the European debt
crisis is spreading coupled with the fall in equity and
commodity prices. The Yen then weakened to trade at                  1.4560
Yen78.99 as investors opted to buy higher-yielding
currencies on strong labour data out of the U.S. However,            1.4410
it later strengthened and eventually traded at Yen76.49
after the Federal Reserve pledged to keep its key interest           1.4260
rate at a record low at least through mid-2013 in a bid to
revive the flagging economic recovery. The Yen continued
                                                                     1.4110
to trade around Yen76 until it finally closed off the month
                                                                                                                                                                                                                                                    USD/EUR
firm at Yen76.59.
                                                                     1.3960




                                                                                                                          Jul-11                                                                                                                                      Aug-11


                                                                1
The Australian dollar opened the month weak at                                                                                                                                                                                                                                                                 US$0.8385 after another report showed retail sales
US$1.0976 as commodities and equities erased gains. It fell                                                                                                                                                                                                                                                    advanced for the first time in three quarters. It continued
to US$1.0810 after the Reserve Bank of Australia kept its                                                                                                                                                                                                                                                      to climb to US$0.8444 as the greenback fell broadly in
cash rate unchanged at 4.75 percent, citing global                                                                                                                                                                                                                                                             response to an eagerly awaited speech by Federal Reserve
 uncertainty. The currency continued to fall to US$1.0508                                                                                                                                                                                                                                                      chairman Ben Bernanke on additional stimulus measures.
as signs that growth is slowing prompted traders to bet the                                                                                                                                                                                                                                                    Reports out of New Zealand which showed building
central bank is likely to cut interest rates in October.                                                                                                                                                                                                                                                       permits increased also helped support the currency to
Reports which showed an unexpected decline in retail sales                                                                                                                                                                                                                                                     US$0.8547. The New Zealand dollar continued to trade
in June and the RBA s decision to lower its forecast for                                                                                                                                                                                                                                                       around US$0.85 until it finally closed off the month firm
2011 economic growth weighed down the Aussie unit to                                                                                                                                                                                                                                                           at $0.8514.
US$1.0450. It dropped to US$1.0228 as prices tumbled for
stocks and commodities amid concern fiscal crises in the                                                                                                                                                                                                                                                        0.8820
U.S. and Europe will slow global growth and after a report
                                                                                                                                                                                                                                                                                                                                                                             USD/NZD
showed consumer confidence slumped to its lowest in                                                                                                                                                                                                                                                             0.8640
more than two years. However, it later advanced to
US$1.0522 as commodities gained on speculation the                                                                                                                                                                                                                                                              0.8460
Federal Reserve will consider additional steps to bolster                                                                                                                                                                                                                                           31st




the U.S. economy and after a report showed China s                                                                                                                                                                                                                             26th
                                                                                                                                                                                                                                                                                      29th
                                                                                                                                                                                                                                                                                             30th




                                                                                                                                                                                                                                                                                                                0.8280
manufacturing shrank at a slower pace, easing concern the                                                                                                                                                                                                        24th
                                                                                                                                                                                                                                                                        25th




global recovery is losing momentum. The Australian dollar
                                                                                                                                                                                                                                                          23rd




                                                                                                                                                                                                                                            19th
                                                                                                                                                                                                                                                   22nd

                                                                                                                                                                                                                                                                                                                0.8100
then slid to US$1.0427 as global equities fell amid                                                                                                                                                                    16th
                                                                                                                                                                                                                              17th
                                                                                                                                                                                                                                     18th




speculation Germany s public finances are deteriorating                                                                                                                                                  11th
                                                                                                                                                                                                                12th




coupled with reduced prospects the Federal Reserve will
                                                                                                                                                                                                  10th

                                                                                                                                                                                            9th




                                                                                                                                                                                      8th




                                                                                                                                                                                5th




signal additional measures to stimulate the economy. The                                                                                                            3rd
                                                                                                                                                                          4th

                                                                                                                                                                                                                                                                                                                                     Jul-11                               Aug-11
Australian dollar closed off the month firm at US$1.0674.                                                                                               1st
                                                                                                                                                              2nd




                                                                                                                                                 29th




                                                                                                                                          28th




                                                                                                                                   27th




                                                                                                                     25th
                                                                                                                            26th

                                                                                                                                                                                                                                                                                                               Table 1 shows the movements of the currencies in our
  1.1040                                                                                               21st
                                                                                                              22nd



                                                                                                                                                                                                                                                                                                               currency basket together with the FJD and the Yen against
                                                                                                20th




                                                                                  18th
                                                                                         19th



                                                                                                                                                                                                                                                                                                               the US dollar at end August 2011, compared to the
  1.0830                                                            14th
                                                                           15th




                                                                                                                                                                                                                                                                                                               previous month and December 2010.
                                                             13th




                                                      12th




                                               11th




  1.0620
                                         8th




                                   7th




                             6th




                       5th




                                                                       USD/AUD                                                                                                                                                                                                                                                                 Table 1
                 4th



           1st




  1.0410
                                                                                                                                                                                                                                                                                                                               USD per other currencies (end period)
                                                                                                                                                                                                                                                                                                                                                            Movement of other currencies
  1.0200
                                                                                                                                                                                                                                                                                                                                                                   against the USD
                                                                                                                                                                                                                                                                                                                                                           (+) appreciation / (-) depreciation
                                                                                                                                                                                                                                                                                                                          Dec-10    Jul-11     Aug-11         Dec-10                Jul-11
                                                                                                                                                                                                                                                                                                                                                                (%)                  (%)
                                                      Jul-11                                                                                                                                      Aug-11
                                                                                                                                                                                                                                                                                                               USD/NZD     0.7790     0.8794      0.8514           9.29              -3.18
                                                                                                                                                                                                                                                                                                               USD/AUD     1.0221     1.0989      1.0674           4.43              -2.87
The New Zealand dollar opened the month weak at                                                                                                                                                                                                                                                                YEN/USD     81.24       77.01       76.59           5.72              0.54
US$0.8770 as commodities and equities erased gains. It slid                                                                                                                                                                                                                                                    USD/EUR     1.3359     1.4381      1.4370           7.57              -0.08
to US$0.8408 after Fonterra Cooperative Group Ltd., the
                                                                                                                                                                                                                                                                                                               USD/FJD     0.5513     0.5861      0.5784           4.92              -1.31
world s largest dairy exporter, said whole-milk powder
prices remained near an eight-month low coupled with
poor economic data out of Australia. It continued to fall to
US$0.8124 as fear gripped world markets and after prices                                                                                                                                                                                                                                                       At end August 2011, the Greenback weakened against the
for commodities tumbled. The kiwi unit then rallied to                                                                                                                                                                                                                                                         YEN when compared to the previous month. The US dollar
US$0.8377 as stock markets rallied and after data showed                                                                                                                                                                                                                                                       strengthened against the NZD, the AUD, the EURO and
consumer confidence rose. However, it later dropped to                                                                                                                                                                                                                                                         the FJD from the previous month.
US$0.8196 after a raft of weak US economic data saw
global equities plummet with investors fleeing for the
safety of bonds and gold. The New Zealand dollar gained to
                                                                                                                                                                                                                                                                                                           2
C. EFFECT ON THE TALA
                                                                                                                                                                                                                                                                                                                                                    Monthly Nominal Index
Compared to end December 2010 and end July 2011, Table                                                                                                                                                                                                                                                                104.5
2 shows the movement of the Tala at end August 2011
against the currencies in our currency basket as well as                                                                                                                                                                                                                                                              104.0
against the FJD and the YEN.
                                                                                                                                                                                                                                                                                                                      103.5

                                                                                                                                                                                                                                                                                                                      103.0
                                                                                                      Table 2
                    Tala per foreign currencies (end period)
                                                                                                                                                                                                                                                                                                                      102.5
                                                          Movement of the
                                                                 Tala
                                                                                                                                                                                                                                                                                                                      102.0
                                                  (+) appreciation / (-) depreciation
                Dec-10     Jul-11      Aug-11        Dec-10                Jul-11
                                                       (%)                  (%)                                                                                                                                                                                                                                       101.5
                                                                                                                                                                                                                                                                                                                              Jan Feb Mar Apr MayJune July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug
TALA/USD        2.3367                                            2.1875                                             2.2324                                                                4.46                                                                        -2.05
TALA/NZD        1.8203                                            1.9237                                             1.9006                                                                -4.42                                                                       1.20                                                                        2010                                    2011

TALA/AUD        2.3883                                            2.4038                                             2.3828                                                                0.23                                                                        0.87
TALA/EUR        3.1214                                            3.1456                                             3.2078                                                                -2.77                                                                       -1.98
TALA/FJD        1.2882                                            1.2821                                             1.2911                                                                -0.22                                                                       -0.70                              31st
                                                                                                                                                                                                                                                                                                                     In terms of the Nominal Index, the Tala depreciated by
YEN/TALA        34.7677                                       35.2029                                              34.3090                                                                 -1.32                                                                       -2.54                29th
                                                                                                                                                                                                                                                                                                   30th

                                                                                                                                                                                                                                                                                                                     0.29 percent at end August 2011 from the previous
                                                                                                                                                                                                                                                                                                                     month. (See Table 2)
                                                                                                                                                                                                                                                                                     26th




Nominal Index   102.85                                            104.32                                             104.01                                                                1.13                                                                        -0.29
                                                                                                                                                                                                                                                                       24th
                                                                                                                                                                                                                                                                              25th




                                                                                                                                                                                                                                                                23rd




                                                                                                                                                                                                                                                         22nd


                                                                                                                                                                                                                                                  19th



                                                                                                                                                                                                                                           18th



                                                                                                                                                                                                                                    17th



                                                                                                                                                                                                                             16th



                                                                                                                                                                                                                      12th




At end August 2011, the Tala weakened against the USD,                                                                                                                                            9th
                                                                                                                                                                                                        10th
                                                                                                                                                                                                               11th




the EURO, the FJD and the YEN while it strengthened
                                                                                                                                                                                            8th



                                                                                                                                                                                     5th



                                                                                                                                                                               4th




against the NZD, the AUD, from the previous month.                                                                                                           1st
                                                                                                                                                                   2nd
                                                                                                                                                                         3rd




                                                                                                                                                      29th



                                                                                                                                               28th



                                                                                                                                        27th




   0.4578
                                                                                                                                 26th



                                                                                                                          25th




                                                                                                                   22nd


                                                                                                            21st




                                                                                                     20th



                                                                                              19th


                                                                                                                                                                                                                                                                                                                                         ____________________
   0.4516                                                                              18th




                                                                                                                                                                                                                                                                                                                                            Magele Filipo II
                                                                                15th



                                                                         14th




                                                                                                                                                                                                                                                                                                                                           Acting Governor
                                                                  13th



                                                           12th



                                                    11th




   0.4454                         6th
                                        7th
                                              8th




                            5th



                      4th



                1st




   0.4392
                                                                                USD/TALA
   0.4330




                                                           Jul-11                                                                                                                                       Aug-11


The Tala opened the month firm at US$0.4564 as stock
markets rallied. It then weakened to US$0.4350 as the U.S
dollar strengthened on concern about Europe s debt crisis.
However, it later strengthened to trade around the
US$0.44 region as the Australian and New Zealand
currencies rose against the U.S dollar following reports of
strong economic data releases from around the globe
coupled with the rise in stock markets. The Tala continued
to rally until it finally closed the month firm at US$0.4480.



                                                                                                                                                                                                                                                                                                                 3
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               12th
                                                                                                                                                                                                                                                                               26th


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        11th
                                                                                                                                                                                                                                                                        25th


                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 10th
                                                                                                                                                                                                                                                                 24th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           9th


                                                                                                                                                                                                                                                          23rd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     8th



                                                                                                                                                                                                                                                   22nd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               5th

                                                                                                                                                                                                                                            19th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         4th

                                                                                                                                                                                                                                     18th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   3rd

                                                                                                                                                                                                                              17th




TALA GRAPHS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             2nd
                                                                                                                                                                                                                       16th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       1st

                                                                                                                                                                                                                12th



                                                                                                                                                                                                         11th                                                                                                                                                                                                                                                   29th



                                                                                                                                                                                                  10th
                                                                                                                                                                                                                                                                                                                                                                                                                                                         28th
                                                                                                                                                                                            9th


                                                                                                                                                                                                                                                                                                                                                                                                                                                  27th
                                                                                                                                                                                      8th


                                                                                                                                                                                                                                                                                                                                                                                                                                           26th
                                                                                                                                                                                5th




                                                                                                                                                                                                                                                                                                               YEN/TALA
                                                                                                                                                                                                                                                                                                                                                                                                                                    25th
                                                                                                                                                                          4th




USD/TALA                                                                                                                                                1st
                                                                                                                                                              2nd
                                                                                                                                                                    3rd




                                                                                                                                                                                                                                                                                                                                                                                                               20th
                                                                                                                                                                                                                                                                                                                                                                                                                      21st
                                                                                                                                                                                                                                                                                                                                                                                                                             22nd




                                                                                                                                                                                                                                                                                                                                                                                                        19th


                                                                                                                                                 29th
                                                                                                                                                                                                                                                                                                                                                                                                 18th

                                                                                                                                          28th

                                                                                                                                                                                                                                                                                                                                                                                          15th

                                                                                                                                   27th

                                                                                                                                                                                                                                                                                                                                                                                   14th




 0.4578
                                                                                                                            26th




                                                                                                              22nd
                                                                                                                     25th

                                                                                                                                                                                                                                                                                                                36.25                                                12th
                                                                                                                                                                                                                                                                                                                                                                            13th




                                                                                                                                                                                                                                                                                                                                                              11th
                                                                                                       21st
                                                                                                                                                                                                                                                                                                                                                        8th



                                                                                                20th
                                                                                                                                                                                                                                                                                                                                                  7th



                                                                                         19th
                                                                                                                                                                                                                                                                                                                                            6th




 0.4516                                                                    15th
                                                                                  18th



                                                                                                                                                                                                                                                                                                                35.50           4th
                                                                                                                                                                                                                                                                                                                                      5th




                                                                    14th
                                                                                                                                                                                                                                                                                                                          1st



                                                             13th



                                                      12th



                                               11th




 0.4454                      6th
                                   7th
                                         8th




                                                                                                                                                                                                                                                                                                                34.75                                                                                                                                                                                                                                                                                       30th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   31st




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     29th




           1st
                 4th
                       5th



                                                                                                                                                                                                                                                                                                                                                                                   YEN/TALA                                                                                                                                                                                            25th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              26th




 0.4392                                                                                                                                                                                                                                                                                                         34.00
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                24th




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         23rd




                                                                           USD/TALA                                                                                                                                                                                                                                                                                                                                                                                                                                                                 18th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           19th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  22nd




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             17th




 0.4330                                                                                                                                                                                                                                                                                             31st        33.25                                                                                                                                                                                                          12th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      16th




                                                                                                                                                                                                                                                                                             30th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        11th

                                                                                                                                                                                                                                                                                      29th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 10th

                                                                                                                                                                                                                                                                               26th                                                                                                                                                                                                                        9th



                                                                                                                                                                                                                                                                        25th                                                                                                                                                                                                                         8th



                                                                                                                                                                                                                                                                 24th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               5th



                                                                                                                                                                                                                                                          23rd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         4th




                                                                                                                                                                                                                                                   22nd                                                                                                                                                                                                                            3rd


                                                                                                                                                                                                                                            19th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                             2nd

                                                                                                                                                                                                                                     18th




                                                      Jul-11                                                                                                                                      Aug-11                                                                                                                                                       Jul-11                                                                                                                                            Aug-11
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       1st



                                                                                                                                                                                                                              17th


                                                                                                                                                                                                                                                                                                                                                                                                                                                                29th
                                                                                                                                                                                                                       16th



                                                                                                                                                                                                                                                                                                                                                                                                                                                         28th
                                                                                                                                                                                                                12th



                                                                                                                                                                                                                                                                                                                                                                                                                                                  27th
                                                                                                                                                                                                         11th



                                                                                                                                                                                                  10th                                                                                                                                                                                                                                     26th

                                                                                                                                                                                            9th

                                                                                                                                                                                                                                                                                                                                                                                                                                    25th

                                                                                                                                                                                      8th




NZD/TALA                                                                                                                                                                                                                                                                                                       EUR/TALA
                                                                                                                                                                                                                                                                                                                                                                                                                             22nd
                                                                                                                                                                                5th
                                                                                                                                                                                                                                                                                                                                                                                                                      21st


                                                                                                                                                                          4th

                                                                                                                                                                                                                                                                                                                                                                                                               20th

                                                                                                                                                                    3rd

                                                                                                                                                                                                                                                                                                                                                                                                        19th

                                                                                                                                                              2nd

                                                                                                                                                                                                                                                                                                                                                                                                 18th
                                                                                                                                                        1st


                                                                                                                                                                                                                                                                                                                                                                                          15th



                                                                                                                                                 29th
                                                                                                                                                                                                                                                                                                                                                                                   14th



                                                                                                                                          28th
                                                                                                                                                                                                                                                                                                                                                                            13th




                                                                                                                                                                                                                                                                                                                0.3204
                                                                                                                                   27th




 0.5378
                                                                                                                                                                                                                                                                                                                                                                     12th


                                                                                                                            26th
                                                                                                                                                                                                                                                                                                                                                              11th

                                                                                                                                                                                                                                                                                                                                                        8th
                                                                                                                     25th



                                                                                                                                                                                                                                                                                                                                                  7th
                                                                                                              22nd




                                                                                                20th
                                                                                                       21st



                                                                                                                     NZD/Tala                                                                                                                                                                                                         5th
                                                                                                                                                                                                                                                                                                                                            6th




 0.5331                                                                                                                                                                                                                                                                                                         0.3163
                                                                                         19th                                                                                                                                                                                                                                   4th



                                                                                                                                                                                                                                                                                                                          1st
                                                                                  18th



                                                                           15th



                                                                    14th



                                                             13th



                                                      12th




 0.5284                            7th
                                         8th
                                               11th


                                                                                                                                                                                                                                                                                                                0.3122
                             6th




                 4th
                       5th

                                                                                                                                                                                                                                                                                                                                                                                                        EUR/TALA
 0.5237                                                                                                                                                                                                                                                                                                         0.3081
           1st




                                                                                                                                                                                                                                                                                                    31st




 0.5190                                                                                                                                                                                                                                                                               29th
                                                                                                                                                                                                                                                                                             30th


                                                                                                                                                                                                                                                                                                                0.3040
                                                                                                                                                                                                                                                                               26th



                                                                                                                                                                                                                                                                        25th



                                                                                                                                                                                                                                                                 24th



                                                                                                                                                                                                                                                          23rd




                                                                                                                                                                                                                                                   22nd


                                                                                                                                                                                                                                            19th



                                                                                                                                                                                                                                     18th



                                                                                                                                                                                                                              17th




                                                      Jul-11                                                                                                                                      Aug-11                                                                                                                                                             Jul-11                                                                                                                                      Aug-11
                                                                                                                                                                                                                       16th



                                                                                                                                                                                                                12th



                                                                                                                                                                                                         11th



                                                                                                                                                                                                  10th

                                                                                                                                                                                            9th



                                                                                                                                                                                      8th



                                                                                                                                                                                5th



                                                                                                                                                                          4th




AUD/TALA                                                                                                                                                1st
                                                                                                                                                              2nd
                                                                                                                                                                    3rd


                                                                                                                                                                                                                                                                                                               FJD/TALA
                                                                                                                                                 29th



                                                                                                                                          28th



                                                                                                                                   27th



                                                                                                                            26th




 0.4283                                                                                                       22nd
                                                                                                                     25th

                                                                                                                                                                                                                                                                                                                0.8020
                                                                                                       21st




                                                                    AUD/Tala             19th
                                                                                                20th



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         FJD/TALA
 0.4241                                                                    15th
                                                                                  18th



                                                                                                                                                                                                                                                                                                                0.7915
                                                                    14th



                                                             13th



                                                      12th



                                               11th




 0.4199                            7th
                                         8th



                                                                                                                                                                                                                                                                                                                0.7810
                             6th



                       5th



                 4th



           1st




 0.4157                                                                                                                                                                                                                                                                                                         0.7705

 0.4115                                                                                                                                                                                                                                                                                                         0.7600




                                                      Jul-11                                                                                                                                      Aug-11                                                                                                                                                             Jul-11                                                                                                                                      Aug-11

                                                                                                                                                                                                                                                                                                           4

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:0
posted:4/19/2013
language:Unknown
pages:5
wang nianwu wang nianwu http://
About wangnianwu