HiFX Morning Update - July 27

HiFX Morning Update - July 27

NZDUSD 0.6570 -0.8%
NZDEUR 0.5980 -0.6%
NZDGBP 0.4235 -0.6%
NZDJPY 81.30 -0.7%
NZDAUD 0.9035 0.5%
NZDCAD 0.8570 -0.6%

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The NZDUSD opens at 0.6570 (mid-rate) this morning.

The NZD continued to lose ground on Friday after the release of China’s weaker than expected manufacturing PMI data. Following Thursday nights positioning rally where the NZD traded just shy of 0.6700, the NZD now finds itself trading at a the pre RBNZ meeting level.

New home sales in the U.S. unexpectedly fell in the month of June to a seven month low, The report showed new home sales plummeted 6.8% to an annual rate of 482k in June while May was also downwardly revised to 517k.

This week’s highlight will come in the form of Thursdays FOMC statement and Federal Funds rate announcement.

Global equity markets closed out the week sharply lower - Dow -0.92%, S&P 500 -1.07%, FTSE -1.13%, DAX -1.43%, CAC -0.58%Nikkei -0.67%, Shanghai -1.29%.

Gold prices closed below $1100 at $1098 down 4.1% on the week, WTI Crude Oil shed 5.4% over the week to close at $48.14 a barrel.

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