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Exchange Rates Development for Nov_ 2011 - Central Bank of Samoa

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									                                                CONFIDENTIAL
                                                MEMORANDUM

                                                                                               05 December 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
                                         NOVEMBER 2011


A. OVERVIEW

The US dollar strengthened against most of its major currencies throughout the month of November as investors
opted for safe-haven currencies amid concerns about the debt crisis in Europe, worse than expected economic
data out of China coupled with the fall in equities and commodities. The Fed held its funds rate unchanged at 0.25
percent.

The Yen weakened considerably in the first week of the month as the Bank of Japan intervened in the currency
market to protect its exporters. However the Yen later strengthened as investors opted for safe-haven currencies
on concerns about the debt crisis in Europe. The BOJ held its official interest rate at 0 0.10 percent.

The Euro weakened throughout the month as investors opted to stay away from higher-yielding currencies on
concerns debt crisis in Europe is worsening coupled with the fall in stock markets. The ECB reduced its official
interest rate to 1.25 percent from 1.50 percent.

The Australian dollar was considerably weak against the US dollar in November as stock markets fell on worse
than expected economic data out of China and Australia coupled with ongoing concerns about the debt crisis in
Europe. The RBA reduced its policy interest rate to 4.50 percent from 4.75 percent.

The New Zealand dollar likewise weakened in the month on worse than expected economic data from around the
globe coupled with concerns about the debt crisis in Europe.

At end November 2011, the Tala weakened against the USD and the YEN while it strengthened against the NZD,
the AUD, the EURO and the FJD from the previous month.
B. CURRENCY WATCH
                                                                     78.50
                                                                                                                    YEN/USD
The US dollar opened the month strong versus other major             77.90
currencies as stocks slid around the world and data showed
Chinese manufacturing slowed. It continued to strengthen             77.30                                                                                                                                                                                                                                                                                 29th
                                                                                                                                                                                                                                                                                                                                                                  30th




after the Commerce Department reported the U.S.                                                                                                                                                                                                                                                                                                     28th




                                                                     76.70
                                                                                                                                                                                                                                                                                                                                             25th




                                                                                                                                                                                                                                                                                                                                      24th




unemployment rate fell while nonfarm payrolls expanded                                                                                                                                                                                                                                                                  22nd
                                                                                                                                                                                                                                                                                                                               23rd




less than forecast. The Bank of Japan s intervention in the
                                                                                                                                                                                                                                                                                                                 21st




                                                                     76.10                                                                                                                                                                                                                         17th
                                                                                                                                                                                                                                                                                                          18th




currency market which pressured not only the yen itself                                                                                                                                                                                                                                     16th




                                                                     75.50
                                                                                                                                                                                                                                                                                     15th




but other European currencies as well also helped support
                                                                                                                                                                                                                                                                              14th




                                                                                                                                                                                                                                                                       11th




                                                                                                                                                                                                                                                                10th




the U.S dollar. However it later weakened as equities and
                                                                                                                                                                                                                                                          9th




                                                                                                                                                                                                                                                    8th




                                                                                                                                                                                                                                              7th




commodities rose. Report which showed the number of                                                                                                                                                                               3rd
                                                                                                                                                                                                                                        4th




Americans filing applications for unemployment benefits
                                                                                                                                                                                                                            2nd


                                                                                                                                                                                                                      1st




                                                                                                                    Oct-11                                                                                     31st

                                                                                                                                                                                                                                                                Nov-11
fell to the lowest level in seven months also weighed down                                                                                                                                       27th
                                                                                                                                                                                                        28th




the currency. The Greenback later advanced against most
                                                                                                                                                                                          26th




                                                                                                                                                                                   25th




                                                                                                                                                                            24th




of its major counterparts as investors opted for safe-haven         The Euro opened the month weak at US$1.3731 as                                            20th
                                                                                                                                                                     21st




currencies on concerns Europe will continue to struggle             concern the currency region s rescue plan will crumble
                                                                                                                                                       19th




                                                                                                                                                18th




                                                                                                                                         17th




with its debt crisis coupled with the fall in stock markets.        and the European Central Bank will cut interest rates  13th
                                                                                                                                  14th




                                                                    damped demand. It continued to weaken to US$1.3563 as
                                                                                                                    12th




The U.S dollar continued to strengthen as stock markets                                          6th
                                                                                                       7th
                                                                                                             11th




dropped coupled with worse than expected growth data                Group of 20 leaders failed to agree on funding to support
                                                                                     4th
                                                                                           5th




out of the U.S. It also rose versus all of its 16 most-traded       European governments efforts to contain their debt
                                                                               3rd




peers as a gauge of European services and manufacturing             crisis. The common currency later advanced to US$1.3622
output shrank and data signalled China s manufacturing              after Standard & Poor s clarified that France s credit
will tumble. The Greenback later weakened at the end of             rating remains AAA, easing concern that a crisis was
the month as bets that European leaders are closer to               imminent in the region s second-largest economy. It
stemming the region s debt crisis spurred appetite for              continued to gain to US$1.3750 as renewed optimism
higher-risk assets.                                                 European leaders are taking steps to contain the region s
                                                                    sovereign-debt crisis spurred appetite for risk. However, it
The Japanese Yen opened the month weak at Yen78.29 as               later fell to US$1.3228 as Italian borrowing costs
the dollar strengthened on concerns about a global                  increased to the highest level since 1997, adding to
slowdown coupled with the fall in equity and commodity              speculation Europe s sovereign-debt crisis is worsening.
prices. The Bank of Japan s intervention in the currency            The Euro closed off the month at US$1.3442.
market to help protect its exporters also undermined the
Yen s strength. It then strengthened to trade around 77
and eventually traded at Yen76.93 as investors opted for             1.4250
safe-haven currencies coupled with concerns about the                                                                                                                                                                                                                  USD/EUR
debt crisis in Europe. The Yen later weakened and finally            1.4040
closed off the month at Yen77.48 as stock markets rallied.
                                                                     1.3830

                                                                     1.3620

                                                                     1.3410

                                                                     1.3200




                                                                                                                     Oct-11                                                                                                                                     Nov-11




                                                                1
The Australian dollar opened the month weak at                                                                                                                                                                                                                                                             0.8250
US$1.0361 after the Reserve Bank cut interest rates and
stocks tumbled on concern Europe s debt plan will unravel.                                                                                                                                                                                                                                                 0.8070
Reports out of China which showed manufacturing slowed
also undermined the currency s strength to US$1.0334. It                                                                                                                                                                                                                                                   0.7890
then fell to US$1.0171 as concern the European sovereign-
                                                                                                                                                                                                                                                                                                           0.7710
debt crisis is spreading to Italy sapped demand for riskier                                                                                                                                                                                                                                                                                    USD/NZD
assets. The Australian currency also weakened to                                                                                                                                                                                                                                                           0.7530
US$1.0163 after a report showed the job notices in
Australia fell in October for a fourth straight month. It                                                                                                                                                                                                                                                  0.7350
declined to US$0.9997 after China s inflation slowed and
industrial output grew at the slowest pace in a year. The
currency continued to fall to US$0.9840 as concern
                                                                                                                                                                                                                                                                                              30th




                                                                                                                                                                                                                                                                                       29th




                                                                                                                                                                                                                                                                                28th




Europe s financial woes are deepening sapped demand for                                                                                                                                                                                                           24th
                                                                                                                                                                                                                                                                         25th

                                                                                                                                                                                                                                                                                                                              Oct-11                             Nov-11
riskier assets. The Australian dollar later strengthened and
                                                                                                                                                                                                                                                           23rd




                                                                                                                                                                                                                                                    22nd


                                                                                                                                                                                                                                             21st




finally closed off the month at US$1.0258 after six                                                                                                                                                                            17th
                                                                                                                                                                                                                                      18th




developed-nation central banks acted to make more funds                                                                                                                                                          15th
                                                                                                                                                                                                                        16th


                                                                                                                                                                                                                                                                                                         Table 1 shows the movements of the currencies in our
                                                                                                                                                                                                                                                                                                         currency basket together with the FJD and the Yen against
                                                                                                                                                                                                          14th




available to lenders as Europe s crisis threatens global                                                                                                                                    10th
                                                                                                                                                                                                   11th




                                                                                                                                                                                                                                                                                                         the US dollar at end November 2011, compared to the
                                                                                                                                                                                      9th




economic growth.                                                                                                                                                          7th
                                                                                                                                                                                8th




                                                                                                                                                              3rd
                                                                                                                                                                    4th



                                                                                                                                                                                                                                                                                                         previous month and December 2010.
                                                                                                                                                        2nd


                                                                                                                                                  1st




                                                                                                                                           31st




 1.0800                                                                                                                      27th
                                                                                                                                    28th




                                                                                                                                                                                                                                                                                                                                         Table 1
                                                                                                                      26th




                                                                                                               25th




 1.0520                                                                                                 24th




                                                                                                                                                                                                                                                                                                                         USD per other currencies (end period)
                                                                                                 21st




                                                                                          20th




                                                                                   19th




 1.0240                                                              17th
                                                                            18th


                                                                                                                                                                                                                                                                                                                                                      Movement of other currencies
                                                                                                                                                                                                                                                                                                                                                             against the USD
                                                              14th




                                                       13th




                                                                                                                                                                                                                                                                                                                                                     (+) appreciation / (-) depreciation
                                                12th




 0.9960                            7th
                                         11th




                                                                                                                                                                                                                                                                                                                    Dec-10    Oct-11     Nov-11         Dec-10                Oct-11
                             6th




                       5th


                                                                                                                 USD/AUD
                                                                                                                                                                                                                                                                                                                                                          (%)                  (%)
                 4th




 0.9680    3rd




                                                                                                                                                                                                                                                                                                         USD/NZD    0.7790      0.8115      0.7790           0.00              -4.00
 0.9400                                                                                                                                                                                                                                                                                                  USD/AUD    1.0221      1.0590      1.0258           0.36              -3.14
                                                                                                                                                                                                                                                                                                         YEN/USD    81.24        78.04       77.48           4.63              0.72
                                                                                                                                                                                                                                                                                                         USD/EUR    1.3359      1.3917      1.3442           0.62              -3.41
                                                  Oct-11                                                                                                                                    Nov-11                                                                                                       USD/FJD    0.5513      0.5720      0.5330           -3.32             -6.82



The New Zealand dollar opened the month weak at
US$0.7964 after data showed manufacturing slowed in                                                                                                                                                                                                                                                      At end November 2011, the Greenback weakened against
China, the nations major trading partner. It continued to                                                                                                                                                                                                                                                the YEN when compared to the previous month. The US
fall to US$ 0.7943 as investors opted for safe-haven                                                                                                                                                                                                                                                     dollar strengthened against the NZD, the AUD, the EURO
currencies on concerns the debt crisis in Europe will                                                                                                                                                                                                                                                    and the FJD from the previous month.
worsen. The fall in stock markets also undermined the
currency to trade at US$0.7838. The kiwi unit continued to                                                                                                                                                                                                                                               C. EFFECT ON THE TALA
weaken to US$0.7698 as concern Europe s financial woes
are deepening sapped demand for riskier assets. The kiwi                                                                                                                                                                                                                                                 Compared to end December 2010 and end October 2011,
unit also remained weaker as US$0.7478 after another                                                                                                                                                                                                                                                     Table 2 shows the movement of the Tala at end
report showed credit card spending in the nation rose in                                                                                                                                                                                                                                                 November 2011 against the currencies in our currency
October at a faster rate. However, it later strengthened to                                                                                                                                                                                                                                              basket as well as against the FJD and the YEN.
US$0.7622 after Prime Minister John Key was re-elected
with his party s biggest mandate in 60 years, strengthening
his ability to balance the budget. The New Zealand dollar
continued to trade around US$0.77 until it finally closed off
the month at US$0.7790.

                                                                                                                                                                                                                                                                                                     2
                                                                                                        Table 2
                    Tala per foreign currencies (end period)
                                                                                                                                                                                                                                                                                                                                                 Monthly Nominal Index
                                                                                                                                                                                                                                                                                                                104.5
                                                          Movement of the
                                                                 Tala
                                                  (+) appreciation / (-) depreciation
                                                                                                                                                                                                                                                                                                                104.0
                Dec-10     Oct-11      Nov-11        Dec-10                Oct-11
                                                       (%)                  (%)                                                                                                                                                                                                                                 103.5
TALA/USD         2.3367                                            2.2796                                                  2.3359                                                          0.03                                                                         -2.47
                                                                                                                                                                                                                                                                                                                103.0
TALA/NZD         1.8203                                            1.8499                                                  1.8197                                                          0.03                                                                         1.63
TALA/AUD         2.3883                                            2.4140                                                  2.3962                                                          -0.33                                                                        0.74                                    102.5
TALA/EUR         3.1214                                            3.1725                                                  3.1398                                                          -0.59                                                                        1.03
TALA/FJD         1.2882                                            1.3039                                                  1.2450                                                          3.35                                                                         4.52
                                                                                                                                                                                                                                                                                                                102.0
                                                                                                                                                                                                                                                                                                    30th




YEN/TALA        34.7677                                            34.2339                                          33.1691                                                                -4.60                                                                        -3.11                29th




                                                                                                                                                                                                                                                                               25th
                                                                                                                                                                                                                                                                                      28th


                                                                                                                                                                                                                                                                                                                101.5
Nominal Index    102.85                                            103.78                                                  103.55                                                          0.68                                                                  23rd
                                                                                                                                                                                                                                                                        -0.22
                                                                                                                                                                                                                                                                        24th



                                                                                                                                                                                                                                                                                                                        Jan FebMarAprMayJuneJulyAugSep Oct NovDec Jan FebMarAprMayJun Jul AugSep Oct Nov
                                                                                                                                                                                                                                                          22nd


                                                                                                                                                                                                                                                   21st




                                                                                                                                                                                                                                            18th




                                                                                                                                                                                                                                     17th                                                                                                 2010                                    2011
                                                                                                                                                                                                                              16th




                                                                                                                                                                                                                       15th




                                                                                                                                                                                                                14th




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




USD and the YEN while it strengthened against the NZD,                                                                                                                               8th




                                                                                                                                                                               7th



                                                                                                                                                                                                                                                                                                               In terms of the Nominal Index, the Tala depreciated by
the AUD, the EURO and the FJD from the previous month.
                                                                                                                                                                         4th




                                                                                                                                                                   3rd




                                                                                                                                                       1st
                                                                                                                                                             2nd

                                                                                                                                                                                                                                                                                                               0.22 percent at end November 2011 from the previous
                                                                                                                                         28th
                                                                                                                                                31st



                                                                                                                                                                                                                                                                                                               month. (See Table 2)
                                                                                                                                  27th




   0.4450                                                                                                           25th
                                                                                                                           26th




   0.4400                                                                                             21st
                                                                                                             24th




   0.4350
                                                                                               20th




                                                                                        19th




   0.4300
                                                                                 18th




                                                                          17th




                                                                   14th




   0.4250                                                   13th




   0.4200                               7th
                                              11th
                                                     12th



                                                                                                                           USD/TALA
   0.4150
                                  6th




                            5th




                      4th




   0.4100       3rd




   0.4050
   0.4000
   0.3950
                                                                                                                                                                                                                                                                                                                                   ____________________
                                                                                                                                                                                                                                                                                                                                    Atalina Ainuu-Enari
                                                                                                                                                                                                                                                                                                                                         Governor
                                                     Oct-11                                                                                                                                       Nov-11


The Tala opened the month weak at US$0.4329 as stock
markets dropped. It then weakened to US$0.4325 as the
U.S dollar strengthened on concerns about Europe s debt
crisis. The Tala continued to fall to trade around the
US$0.43 region and eventually the US$0.41 region as the
Australian and New Zealand currencies fell against the U.S
dollar following reports of poor manufacturing data out of
China coupled with the fall in stock markets. The Tala
closed off the month at US$0.4281.




                                                                                                                                                                                                                                                                                                           3
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                15th

                                                                                                                                                                                                                                                                         25th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       14th

                                                                                                                                                                                                                                                                  24th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              11th

                                                                                                                                                                                                                                                           23rd

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     10th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             9th
                                                                                                                                                                                                                                                    22nd


                                                                                                                                                                                                                                             21st
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     8th



                                                                                                                                                                                                                                      18th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              7th



                                                                                                                                                                                                                               17th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       4th



                                                                                                                                                                                                                        16th




TALA GRAPHS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                3rd



                                                                                                                                                                                                                 15th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                         2nd

                                                                                                                                                                                                          14th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  1st



                                                                                                                                                                                                   11th


                                                                                                                                                                                                                                                                                                                                                                                                                                                          31st
                                                                                                                                                                                            10th

                                                                                                                                                                                      9th
                                                                                                                                                                                                                                                                                                                                                                                                                                                  28th


                                                                                                                                                                                8th
                                                                                                                                                                                                                                                                                                                                                                                                                                          27th


                                                                                                                                                                          7th




                                                                                                                                                                                                                                                                                                         YEN/TALA
                                                                                                                                                                                                                                                                                                                                                                                                                                  26th




USD/TALA
                                                                                                                                                                    4th

                                                                                                                                                                                                                                                                                                                                                                                                                          25th


                                                                                                                                                              3rd

                                                                                                                                                                                                                                                                                                                                                                                                                  24th


                                                                                                                                                        2nd
                                                                                                                                                                                                                                                                                                                                                                                                          21st

                                                                                                                                                  1st


                                                                                                                                                                                                                                                                                                                                                                                                   20th



                                                                                                                                           31st
                                                                                                                                                                                                                                                                                                                                                                                            19th



                                                                                                                                    28th                                                                                                                                                                                                                                             18th



                                                                                                                             27th                                                                                                                                                                                                                                             17th




 0.4450                                                                                                        25th
                                                                                                                      26th



                                                                                                                                                                                                                                                                                                          34.50                                                 13th
                                                                                                                                                                                                                                                                                                                                                                       14th




 0.4400                                                                                          21st
                                                                                                        24th




                                                                                                                                                                                                                                                                                                          34.00                                   11th
                                                                                                                                                                                                                                                                                                                                                         12th




 0.4350
                                                                                                                                                                                                                                                                                                                                            7th
                                                                                          20th


                                                                                                                                                                                                                                                                                                                                      6th




                                                                                                                                                                                                                                                                                                          33.50
                                                                                   19th



                                                                                                                                                                                                                                                                                                                                5th




 0.4300
                                                                            18th



                                                                                                                                                                                                                                                                                                                          4th
                                                                     17th




                                                                                                                                                                                                                                                                                                          33.00
                                                                                                                                                                                                                                                                                                                    3rd
                                                              14th




 0.4250                                                13th




 0.4200                                  11th
                                                12th



                                                                                                                      USD/TALA                                                                                                                                                                            32.50
                                                                                                                                                                                                                                                                                                                                                                                                                                 YEN/TALA
                                   7th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               30th




 0.4150
                             6th




                                                                                                                                                                                                                                                                                                          32.00
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        29th

                       5th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 28th

                 4th




 0.4100    3rd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          25th




                                                                                                                                                                                                                                                                                                          31.50                                                                                                                                                                                                                                                                                    24th




 0.4050                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              22nd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            23rd




 0.4000                                                                                                                                                                                                                                                                                                   31.00                                                                                                                                                                                                                                                        18th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              21st




 0.3950                                                                                                                                                                                                                                                                                                   30.50
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                17th




                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         16th



                                                                                                                                                                                                                                                                                              30th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  15th



                                                                                                                                                                                                                                                                                       29th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         14th


                                                                                                                                                                                                                                                                                28th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                11th


                                                                                                                                                                                                                                                                         25th
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       10th

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               9th
                                                                                                                                                                                                                                                                  24th



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       8th
                                                                                                                                                                                                                                                           23rd



                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               7th
                                                                                                                                                                                                                                                    22nd


                                                                                                                                                                                                                                             21st                                                                                                                                                                                                                                       4th




                                                                                                                                                                                                                                      18th                                                                                                                                                                                                                                       3rd




                                                Oct-11                                                                                                                                      Nov-11                      16th
                                                                                                                                                                                                                               17th

                                                                                                                                                                                                                                                                                                                                                         Oct-11                                                                                                    1st
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          2nd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Nov-11
                                                                                                                                                                                                                 15th

                                                                                                                                                                                                                                                                                                                                                                                                                                                           31st

                                                                                                                                                                                                          14th


                                                                                                                                                                                                                                                                                                                                                                                                                                                   28th
                                                                                                                                                                                                   11th


                                                                                                                                                                                                                                                                                                                                                                                                                                           27th
                                                                                                                                                                                            10th

                                                                                                                                                                                      9th
                                                                                                                                                                                                                                                                                                                                                                                                                                   26th




NZD/TALA                                                                                                                                                            4th
                                                                                                                                                                          7th
                                                                                                                                                                                8th




                                                                                                                                                                                                                                                                                                         EUR/TALA                                                                                                  24th
                                                                                                                                                                                                                                                                                                                                                                                                                           25th




                                                                                                                                                                                                                                                                                                                                                                                                           21st



                                                                                                                                                              3rd
                                                                                                                                                                                                                                                                                                                                                                                                   20th



                                                                                                                                                        2nd
                                                                                                                                                                                                                                                                                                                                                                                            19th

                                                                                                                                                  1st

                                                                                                                                                                                                                                                                                                                                                                                     18th



                                                                                                                                           31st
                                                                                                                                                                                                                                                                                                                                                                              17th




 0.5650                                                                                                                                                                                                                                                                                                   0.3200
                                                                                                                                    28th                                                                                                                                                                                                                               14th



                                                                                                                             27th                                                                                                                                                                                                                               13th



                                                                                                                      26th
                                                                                                                                                                                                                                                                                                                                                         12th

                                                                                                                                                                                                                                                                                                                                                                                                                                             EUR/TALA
 0.5600                                                                                                 24th
                                                                                                               25th


                                                                                                                                                                                                                                                                                                          0.3180                            7th
                                                                                                                                                                                                                                                                                                                                                  11th




                                                                                                                                                                                                                                                                                                                                      6th




                                                                                                                                                                                                                                                                                                          0.3160
                                                                                                 21st




 0.5550
                                                                                                                                                                                                                                                                                                                                5th
                                                                                          20th


                                                                                                                                                                                                                                                                                                                          4th




                                                                                                                      NZD/Tala
                                                                                   19th




                                                                            18th


                                                                                                                                                                                                                                                                                                          0.3140    3rd




 0.5500                                                              17th




                                                                                                                                                                                                                                                                                                          0.3120
                                                              14th




                                                       13th




 0.5450                                         12th




                                   7th
                                         11th


                                                                                                                                                                                                                                                                                                          0.3100
 0.5400
                             6th




                 4th
                       5th



                                                                                                                                                                                                                                                                                                          0.3080
 0.5350    3rd




                                                                                                                                                                                                                                                                                                          0.3060
 0.5300                                                                                                                                                                                                                                                                                                   0.3040
 0.5250                                                                                                                                                                                                                                                                                                   0.3020
                                                                                                                                                                                                                                                                                              30th




                                                                                                                                                                                                                                                                                       29th




                                                                                                                                                                                                                                                                                28th




                                                                                                                                                                                                                                                                         25th




                                                                                                                                                                                                                                                                  24th




                                                                                                                                                                                                                                                           23rd




                                                                                                                                                                                                                                                    22nd


                                                                                                                                                                                                                                             21st




                                                                                                                                                                                                                                      18th




                                                                                                                                                                                                                               17th




                                                                                                                                                                                                                                                                                                                                                          Oct-11                                                                                                                                                     Nov-11
                                                                                                                                                                                                                        16th




                                                Oct-11                                                                                                                                      Nov-11        14th
                                                                                                                                                                                                                 15th




                                                                                                                                                                                                   11th




                                                                                                                                                                                            10th

                                                                                                                                                                                      9th




                                                                                                                                                                                8th




                                                                                                                                                                          7th




AUD/TALA                                                                                                                                                      3rd
                                                                                                                                                                    4th



                                                                                                                                                                                                                                                                                                         FJD/TALA
                                                                                                                                                        2nd


                                                                                                                                                  1st




                                                                                                                                           31st




                                                                                                                                    28th




 0.4450
                                                                                                                             27th




                                                                                                               25th
                                                                                                                      26th

                                                                                                                                                                                                                                                                                                          0.8100
 0.4400                                                                                          21st
                                                                                                        24th




                                                                                                                                                                                                                                                                                                          0.8000
 0.4350                                                                                   20th




 0.4300                                                                     18th
                                                                                   19th



                                                                                                                                    AUD/Tala                                                                                                                                                              0.7900
                                                                     17th




 0.4250                                                13th
                                                              14th


                                                                                                                                                                                                                                                                                                          0.7800
 0.4200
                                                12th




                                   7th
                                         11th

                                                                                                                                                                                                                                                                                                          0.7700
 0.4150                5th
                             6th




                                                                                                                                                                                                                                                                                                          0.7600
 0.4100
                 4th




           3rd




 0.4050                                                                                                                                                                                                                                                                                                   0.7500
                                                                                                                                                                                                                                                                                                                                                                                                                  FJD/TALA
 0.4000                                                                                                                                                                                                                                                                                                   0.7400
 0.3950                                                                                                                                                                                                                                                                                                   0.7300




                                                Oct-11                                                                                                                                      Nov-11                                                                                                                                                         Oct-11                                                                                                                                                      Nov-11

                                                                                                                                                                                                                                                                                                     4

								
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