HIFX Morning Update, September 7 2016

HIFX Morning Update, September 7 2016

The NZDUSD opens at 0.7305 (mid-rate) this morning.

With the US Labour Day holiday seeing lighter trading than normal, focus was on the Japanese and European and UK markets last night.

UK Services sector data hit the headlines last night, recording its biggest rebound in 20 years. This caused the UK Pound to soar to a 7 week high against the USD

Mixed news in the Eurozone as Business growth hit its weakest level since early last year. However Eurozone Retail sales rose 2.9% year on year, mainly driven by German consumers.

The Bank of Japan hinted at further expansion to their already massive stimulus program. But added very little detail – disappointing the markets. We may hear more about the stimulus expansion at the next Bank of Japan meeting on 20/21 Sept . The is the same week as the US Federal Reserve’s much anticipated monetary policy meeting.

Oil has been very volatile overnight , earlier up as much as 5% on comments from Saudi and Russian producers regarding possible production freezes

No NZ local data to speak of today but look out for Australia’s Interest rate announcement from their Reserve bank at 4.30pm

Global equity markets are slightly higher- Dow +0.00, S&P 500 +0.00%, FTSE -.22%, DAX -.11%, CAC -.02%, Nikkei +0.66%, Shanghai +0.15%.

Gold prices are up $2 currently trading at $1326 an ounce, WTI Crude Oil is up 2% to $45.17 a barrel currently

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