HiFX Morning Update 21 April 2016

HiFX Morning Update 21 April 2016

NZDUSD 0.6975 -1.1%
NZDEUR 0.6173 -0.4%
NZDGBP 0.4860 -0.7%
NZDJPY 76.57 -0.5%
NZDAUD 0.8950 -0.7%
NZDCAD 0.8815 -1.2%

The NZDUSD opens at 0.6975 (mid-rate) this morning.

The NZD has given back some of its recent gains and underperformed, as commodity prices and global equity markets continue to rise. The NZD appears to be the victim of profit taking and positioning ahead of next week’s RBNZ rate announcement.

Overnight U.S. existing home sales rebounded strongly in March after a large decline in February. The March result showed a jump in existing home sales of 5.1%(expected +3.7%) to an annual rate of 5.33mio (expected 5.27mio), after falling 7.3% to a revised 5.07mio in February.

Today we have NZ’s Visitor Arrivals m/m report at 10:45 while this afternoon at 15:00 we have NZ’s Credit Card Spending y/y data release.

The highlight of the evening will be this month’s ECB Press Conference where interest rates and current stimulus measures are expected to remain unchanged following last month’s interest rate cut and increased stimulus announcement.

Global equity markets with the exception of the Shanghai continue to squeeze higher - Dow +0.53%, S&P 500 +0.36%, FTSE +0.08%, DAX +0.69%, CAC +0.56%, Nikkei +0.19%, Shanghai -2.31%.

Gold prices are down $10 currently trading $1242 an ounce, WTI Crude Oil continues to push higher currently up 3.8% at $42.63 a barrel.

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