LETTER-N

n.s.a

not seasonally adjusted

NAB

National Australia Bank

NAHB

National Association of Home Builders.

NAPM

National Association of purchasing management-An Affiliate of Institute for Supply Management

NAPM-Chicago

The National Association of Purchasing Management - Chicago compiles a survey and a composite diffusion index of business conditions in the Chicago area. Manufacturing and non-manufacturing firms are both surveyed, but until recently, market players have believed that the survey primarily covers the manufacturing sector. Readings above 50 percent indicate an expanding business sector. The NAPM - Chicago is considered a leading indicator of the ISM manufacturing index.

NAR

The National Association of Realtors

NBNZ

National Bank of New Zealand

Negative or bearish divergence

Occurs when the direction of the price of a currency disagrees with the condition of a technical indicator.

Net Position

The amount of currency bought or sold which have not yet been offset by opposite transactions.

Net Worth

Amount of assets which exceed liabilities; May also be known as stockholders equity or net assets. For an individual, the total value of all possessions such as houses, stocks, bonds, currencies and other securities, minus all outstanding debts, such as mortgage and loans.

New Housing Price Index - Canada

A component of the Consumer Price Index (CPI) that measures changes in prices for new homes. Higher housing prices suggest stronger consumer demand and growth in the housing market. At the same time, higher housing prices that accompany economic expansion often lead to inflationary pressures. The headline number is the percentage change in the index.

Note: The New Housing Price Index takes into account the quality and features of the new homes sold. For example, if selling prices for new homes are unchanged, but the features and quality of housing have increased (e.g. added swimming pool and better construction materials), then the price for new homes is considered to have fallen.

Nickel

US term for five basis points.

NIESR

National Institute of Economic and Social Research (Britain)

Noise

Price and volume fluctuations which do not provide meaningful information about the market's direction.

nominal

A quantity that is not adjusted for inflation.

Non Resident Bond Holdings - New Zealand

The monetary value of bonds held by non residents of New Zealand . Non Resident Bond Holdings measure the willingness of foreigners to finance New Zealand 's economy and government. A high value is indicative of a budget deficit and debt, suggesting that foreign investments are required to finance New Zealand 's continued patterns of spending.

Non-farm payroll

The non-farm payrolls report is one of the key indicators of the labor market in the US. The report tends to include information on salaries, wages, bonuses and net pay after deductions. A strong payrolls number indicates that companies are keeping a solid base of employees and is therefore perceived as positive for the economy.

Nostro Account

A foreign currency current account maintained with another bank. The account is used to receive and pay currency assets and liabilities denominated in the currency of the country in which the bank is resident.

A bank account that one bank holds with another bank in a foreign country. This account is usually held in the foreign country's currency, and is used to carry out transactions that are denominated in that foreign currency.

Note

A financial instrument consisting of a promise to pay rather than an order to pay or a certificate of indebtedness.

NYSE

New York Stock Exchange

NZIER

New Zealand Institute of Economic Research