HiFX Morning Update, May 7

HiFX Morning Update

The NZDUSD opens at 0.7490 (mid-rate) this morning.

The USD has continued to fall against all its major competitors after another disappointing ADP employment report with the NZD being the only underperformer after yesterdays disappointing employment data.

ADP report showed employment in the private sector increased by 169k jobs in April compared to a downwardly revised increase of 175k jobs in March. The market had been expecting private sector employment to climb by about 200k jobs compared to the addition of 189k jobs originally reported for the March.

The Euro-zone Retail Sales for the month of March declined for the first time in six months. Retail sales volume dropped 0.8% month-on-month in March, reversing a 0.1% rise in February.
Global equity markets are mixed - Dow -0.91%, Nikkei CLOSED Shanghai -1.62%, FTSE +0.09% DAX +0.20% CAC +0.15%.

Gold prices are down $3 to $1190 Oil (WTI) is up 0.80% overnight currently trading at $60.93.

The current indicative mid-rates are:

NZDUSD 0.7490
NZDEUR 0.6605
NZDGBP 0.4920
NZDJPY 8950
NZDAUD 0.9410
NZDCAD 0.9030

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