HiFX Morning Update December 23 2015

HiFX Morning Update December 23 2015

NZDUSD 0.6806 0.5%
NZDEUR 0.6210 0.1%
NZDGBP 0.4595 1.0%
NZDJPY 82.36 0.4%
NZDAUD 0.9417 -0.2%
NZDCAD 0.9485 0.2%

The NZD opens higher this morning at .6806 after a relatively quiet night for traders.

This could be to be a positional move with some traders squaring up their positions and others holding off going in to the New Year. The US did post mixed data with worse than expected Existing Home Sales but a moderate improvement with Final GDP at 2% (forecast was at 1.9%).

The NZD was amongst the stronger performing currencies with commodities starting to stabilise and risk appetite. Today we have NZ Trade Balance with a forecast of -812m. A stronger number here could potentially see the NZD break through resistance of .6830 and edge closer towards the 200day moving average of .6868.

AUD and EUR have also pushed higher overnight with AUD sitting at .7230 and EUR at 1.0965. The momentum of the EUR failed to take the GBP in the same direction as it became the weakest performer overnight drifting lower again.

Overnight we have seen a modest rebound in Oil (WTI) prices. The price per barrel now sits at $36.16. Gold slightly lower at $1,073.25

Global equity markets were fairly stable overnight – Dow 0.86%, S&P 0.73%, FTSE 0.80%, DAX -0.09%, CAC +0.05%, Nikkei -0.16%, Shanghai 0.26%, Hang Seng 0.18%

Upcoming Data releases (NZST):
10:45 - NZ Trade Balance
22:30 - UK Current Account
22:30 - UK Final GDP q/q

ends

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