HiFX Morning Update. May 25 2016

HiFX Morning Update. May 25 2016

NZDUSD 0.6734 -0.5%
NZDEUR 0.6044 0.2%
NZDGBP 0.4605 -1.4%
NZDJPY 74.05 0.2%
NZDAUD 0.9379 0.1%
NZDCAD 0.8851 -0.4%

The NZDUSD opens at 0.6734 (mid-rate) this morning.

Once again the NZD has respected the recent ranges against the majority of its trading partners with the British Pound being the only exception.

The Pound has been the standout performer over the past 24hrs as “Brexit” fears ease. The latest EU referendum poll has the remain campaign holding a 13-point lead over the leave campaign. With just one month until the vote this is the largest lead either campaign has held, with the polls finding that men, conservative voters and over-65’s who had previously voted to leave are now turning to the pro-EU campaign.

Overnight German economic sentiment for the month of May, unexpectedly weakened dropping to 6.4 from 11.2 in April, the indicator had been expected to rise to 12.

The U.S. new home sales spiked to an eight-year high up 16.6% in April after March’s unexpected decrease. The report showed new home sales hit an annual rate of 619k the highest level since January 2008 when sales hit 627k.

European and U.S equity markets have spiked higher over the past 24hrs - Dow +1.18%, S&P 500 +1.28%, FTSE +1.35%, DAX +2.18%, CAC +2.46%, Nikkei -0.94%, Shanghai -0.77%.

Gold prices are down 1.7% currently trading at $1229 an ounce, WTI Crude Oil has retraced yesterdays fall currently up 1.1% at $48.64 a barrel.

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