HiFX Morning Update, June 2 2016

HiFX Morning Update, June 2 2016

NZDUSD 0.6815 0.8%
NZDEUR 0.6090 0.3%
NZDGBP 0.4730 1.3%
NZDJPY 74.70 -0.2%
NZDAUD 0.9395 0.4%
NZDCAD 0.8910 0.5%

The NZDUSD opens at 0.6815 (mid-rate) this morning.

The NZD has continued to out-perform over the past 24hrs breaking up through 0.68 cents against the USD late yesterday afternoon.

Overnight Fonterra's GDT Price Index rose by 3.4 percent, with an average selling price of $2,329 per tonne, however whole milk powder, on which Fonterra base their payout price, fell 1.7% to $2205 a tonne.

Manufacturing data releases out of the U.K. and the U.S. were both stronger than expected but failed to boost either currency. The U.K. manufacturing PMI showed modest growth rising to 50.1 in May from 49.4 in April, economists had expected the index to inch up to a score of 49.6. The U.S. ISM manufacturing PMI increased to 51.3 in May from 50.8 in April, with economists expecting the index to slip to 50.5.

In the absence of any local data releases investors will look to tonight’s U.S. employment numbers and the ECB rate statement for future direction.

Global equity markets are mixed - Dow +0.01%, S&P 500 +0.08%, FTSE -0.62%, DAX -0.57%, CAC -0.67%, Nikkei -1.62%, Shanghai -0.11%.

Gold prices are down 0.4% currently trading at $1211 an ounce, WTI Crude Oil is down 0.4% over the past 24hrs currently trading at $49.15 a barrel.

ends

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