HiFX Morning Update, March 8 2016

HiFX Morning Update, March 8 2016

NZDUSD 0.6795 0.2%
NZDEUR 0.6170 -0.1%
NZDGBP 0.4762 -0.4%
NZDJPY 77.30 -0.1%
NZDAUD 0.9100 -0.8%
NZDCAD 0.9024 -0.4%

The NZDUSD opens at 0.6795 (mid-rate) this morning.

The NZDUSD opens up where we started the week yesterday, having traded back towards 0.6750 late last night. The NZD continues to be supported by rising commodity prices. All eyes this week will be focused on Thursday’s RBNZ meeting where a strengthening currency and subdued inflation will have a major bearing on any rate decision.

Oil prices have jumped over the past 24hrs following comments from United Arab Emirates’ energy minister Suhail bin Mohammed al-Mazrouei. The minister told reporters “I believe the current prices are forcing everyone to freeze. It’s happening as we speak. It doesn’t make any sense for anyone to increase the production with the current prices,”. Global crude prices have risen more than 40 percent since hitting 12-year lows back in January.

Global equity markets have started the week mixed - Dow +0.46%, S&P 500 +0.20%, FTSE -0.27%, DAX -0.46%, CAC -0.32%, Nikkei -0.61%, Shanghai +0.81%.

Gold prices have gained $3 over the past 24hrs to be trading at $1261 an ounce, WTI Crude Oil continues to climb up 5.5% to $37.91 a barrel.

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