HiFX Morning Update July 7 2016

HiFX Morning Update July 7 2016

NZDUSD 0.7135 -0.1%
NZDEUR 0.6425 -0.3%
NZDGBP 0.5520 0.6%
NZDJPY 72.26 -0.4%
NZDAUD 0.9488 -1.0%
NZDCAD 0.9240 -0.4%

The NZDUSD opens at 0.7135 (mid-rate) this morning.

The NZDUSD came under pressure yesterday trading to a low of 0.7080 before retracing the move overnight as commodity prices strengthened.

Overnight German factory orders remained flat for the month of May after April’s 1.9% fall, economists had been expecting orders to increase by 1%.

The U.S. data releases produced mixed results with the Trade deficit widening to $41.1billion in May from 37.4 billion in April, economists had been expecting the deficit to increase to 40.0 billion. There was better news in the form of a sharp increase in the non-manufacturing index, with economists expecting the index to edge up from May’s 52.9 reading to 53.3, the actual reading for June came in at 56.5, (a reading above 50 indicates growth in the service sector).

Late this afternoon the RBNZ Deputy Gov Spencer will speak about macro-prudential policy and housing market risk, while overnight the U.S. ADP Non-Farm Employment Change and Unemployment Claims will be closely monitored ahead of Friday evening’s government-released employment data.

Global equity markets remain mixed- Dow +0.39%, S&P 500 +0.40%, FTSE -1.25%, DAX -1.67%, CAC -1.88%, Nikkei -1.85%, Shanghai +0.38%.

Gold prices continue to push higher currently up 0.7% trading at $1,363 an ounce, WTI Crude Oil is bouncing off yesterday’s lows currently 1.2% at $47.25 a barrel.

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