HiFX Morning Update - June 9

HiFX Morning Update - June 9

The NZDUSD opens at 0.7135 (mid-rate) this morning.

The NZD has put in a strong performance overnight benefiting from general USD weakness, after it was reported (and later denied) that Obama had made comment that a strong USD is a concern.

In the absence of any notable U.S. data releases traders focused on Germany’s industrial production and trade balance announcements which were both ahead of economists estimates. Industrial production expanded 0.9% (exp 0.6%) m/m in April, reversing a revised 0.4 percent fall in March, while the German trade balance printed 22.3b (exp 18.1B) with exports rising 1.9% m/m and imports falling 1.3% in April.

This morning’s manufacturing sales data and this afternoons CNY CPI and PPI releases.

European and U.S. equity markets are broadly lower - Dow -0.25%, Nikkei -0.02%, Shanghai +2.17%,FTSE -0.21%, DAX -1.18%, CAC -1.28%

Gold prices are up $2 at $1173 an ounce, Oil (WTI) is down 1.59% % at 58.19 a barrel.

The current indicative mid-rates are:
NZDUSD 0.7135
NZDEUR 0.6330
NZDGBP 0.4655
NZDJPY 88.95
NZDAUD 0.9275
NZDCAD 0.8855

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