HiFX Morning Update, June 29 2016

HiFX Morning Update, June 29 2016

NZDUSD 0.7041 0.4%
NZDEUR 0.6357 -0.2%
NZDGBP 0.5273 -0.7%
NZDJPY 72.32 0.9%
NZDAUD 0.9535 -0.1%
NZDCAD 0.9175 0.1%

The NZDUSD opens at 0.7041 (mid-rate) this morning.

Global sentiment improved overnight, with the initial shock of the Brexit vote subsiding investors have taken the opportunity to take profit on their safe haven investments in favour of riskier assets. Global equity markets have turned positive as investors hunt for bargains while the Yen and Gold prices have pulled back from their recent highs.

Last night’s U.S. data releases exceeded economists estimates with both the Final GDP reading for Q1 and the June consumer confidence reports printing ahead of expectations. The Q1 GDP increased at an annual rate of 1.1% in the first quarter of 2016 slightly up from its 1.0% estimate, while June’s consumer confidence index rose to 98.0 well ahead of the expected 93.2 result.

Global equity markets turned positive overnight - Dow +1.33%, S&P 500 +1.28%, FTSE +2.64%, DAX +1.93%, CAC +2.61%, Nikkei +0.09%, Shanghai +0.58%.

Gold prices are down 1.1% trading $1,312 an ounce, WTI Crude Oil is rebounding currently up 2.9% trading at $47.86 a barrel.

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