HiFX Morning Update, February 24 2016

HiFX Morning Update, February 24 2016

NZDUSD 0.6571 -0.6%
NZDEUR 0.6054 -0.7%
NZDGBP 0.4746 0.0%
NZDJPY 74.66 -1.7%
NZDAUD 0.9246 -0.4%
NZDCAD 0.9185 -0.1%

The NZDUSD is currently trading at 0.6671

The Kiwi was softer against its major competitors overnight, but steady against the GBP, after a substantial move higher the night before.

The US Conference Board Consumer Confidence Index, which had increased moderately in January, declined in February. The Index now stands at 92.2, down from 97.8 in January. The Present Situation Index declined from 116.6 to 112.1, while the Expectations Index decreased from 85.3 to 78.9 in February.

US Existing-home sales crept forward in January to the highest annual rate in six months, and subpar supply levels propelled price growth to the fastest increase since last April, according to the National Association of Realtors.

US Richmond Manufacturing Index slowed in February. The composite index softened six points to a reading of -4. New Orders declined and Manufacturing Employment grew at the same pace as a month ago. The index remained at 9

German business confidence fell for a third month in a sign that companies in Europe’s largest economy are growing more concerned as slowing global growth roils financial markets. The Ifo institute’s business climate index dropped to 105.7 in February from 107.3 in January.

German Final GDP for Q4 came in at 0.3% as expected slightly lower than the 0.4% from the previous quarter.

Global equity markets are broadly lower: Dow -0.99%, S&P 500 -0.96%, FTSE -1.25%, DAX -1.64%, CAC -1.40%, Nikkei -0.37%, Shanghai -0.81%.

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