HiFX Morning Update November 23 2015

HiFX Morning Update November 23 2015

NZDUSD 0.6565 0.0%
NZDEUR 0.6165 0.8%
NZDGBP 0.4320 1.2%
NZDJPY 80.55 0.0%
NZDAUD 0.9070 -0.5%
NZDCAD 0.8745 0.3%

The NZDUSD opens at 0.6565 (mid-rate) this morning.

The NZD traded sideways on Friday holding onto Thursday’s gains against the USD while continuing to out-perform both the GBP and EUR.

The big mover on Friday night was the EUR, falling sharply and taking the GBP with it following comments from European Central Bank President Mario Draghi. During a speech in Frankfurt Draghi confirmed that policymakers had discussed interest rate cuts at their October meeting and went on to state "If we decide that the current trajectory of our policy is not sufficient to achieve that objective, we will do what we must to raise inflation as quickly as possible,". The ECB is now widely expected to raise the size of its monthly asset purchases to EUR 80b from EUR 60b and also extend the EUR 1.1tril programme beyond its September 2016 deadline.

Global equity markets closed out the week slightly higher- Dow +0.51%, S&P 500 +0.38%, FTSE +0.07%, DAX +0.31%, CAC -0.08%, Nikkei +0.10%, Shanghai +0.37%.

Gold prices have fallen for the fifth consecutive week closing out the week at $1077 an ounce, WTI Crude Oil closed out the week below $42 finishing at $41.90 a barrel.

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