HiFX Morning Update - July 4 2016

HiFX Morning Update - July 4 2016

NZDUSD 0.7165 0.7%
NZDEUR 0.6438 0.5%
NZDGBP 0.5410 2.2%
NZDJPY 73.50 0.6%
NZDAUD 0.9620 0.5%
NZDCAD 0.9255 0.2%

The NZDUSD opens at 0.7165 (mid-rate) this morning.
The NZD extended gains against all of its major trading partners on Friday with the NZDUSD peaking just shy of 0.7200.

Friday’s U.S data releases delivered mixed results with construction spending in the U.S. unexpectedly decreasing in the month of May while the U.S. Manufacturing Index exceeded economists estimates in the month of June.

The Euro-zone unemployment rate fell its lowest level in almost 5yrs, it now sits at 10.1% for May down from 10.2% in April. The Euro-zone PMI was also ahead of economists estimates with the index rising to 52.8 in June up from 51.5 in May, it had been expected to increase to 52.6.

On the local front, tomorrow’s Australian retail sales, trade balance and the RBA cash rate and statement along with Wednesday’s global dairy trade auction should dictate the NZDAUD direction, while global PMI data releases, Thursday’s FOMC meeting minutes and Friday’s U.S. employment numbers will dominate USD direction.

Global equity markets had a positive close to the week- Dow +0.11%, S&P 500 +0.19%, FTSE +1.13%, DAX +0.99%, CAC +0.86%, Nikkei +0.68%, Shanghai +0.10%.

Gold prices rallied 1.4% on Friday closing out the week at $1,315 an ounce, WTI Crude Oil edged lower on Friday down 1.2% closing out the week at $48.99 a barrel.

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