HiFX Morning Update

HiFX Morning Update

The NZDUSD opens at 0.7497 (mid-rate) this morning.

The NZDUSD is trading back below 0.7500. Late yesterday afternoon the RBA surprised the market by leaving its Cash Rate unchanged at 2.25% with the market positioned for a cut of 25 basis points the AUD rallied sharply against all its major trading partners including the NZD as investors scrambled to cover their short positions.

Consumer credit in the U.S. increased by more than expected in the month of February . Economists had expected consumer credit to rise by $12.5 billion compared to the $11.6 billion increase originally reported for the previous month, while the report showed that consumer credit climbed by $15.5 billion in February following a downwardly revised increase of $10.8 billion January.

Investors are now switching their attention to the situation in Greece with the Greek repayment deadline to the IMF due on April 9th. Greece is due to repay the IMF EUR 460mil on Thursday.
Global equity markets are broadly higher - Dow +0.43%, Nikkei +1.25%, Shanghai +2.52%, FTSE +1.88% DAX +1.30%, CAC +1.52%

Gold prices are down $5 currently trading at $1210, Oil (WTI) is up 2.5% currently trading at $53.95.

The current indicative mid-rates are:

NZDUSD 0.7497
NZDEUR 0.6923
NZDGBP 0.5058
NZDJPY 90.25
NZDAUD 0.9815
NZDCAD 0.9368

There are no domestic data releases today

ends

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