HiFX Morning Update, September 13 2016

HiFX Morning Update, September 13 2016

NZDUSD 0.7350 0.4%
NZDEUR 0.6545 0.5%
NZDGBP 0.5511 -0.1%
NZDJPY 74.87 -0.3%
NZDAUD 0.9717 0.1%
NZDCAD 0.9590 0.4%

The NZD opens slightly higher this morning, at 0.7350 after a quiet night on the calendar.

With little in the way of event risk on the calendar overnight it was Fed-speak that saw investors net buyers of risk which benefited US equity markets and helped the Kiwi climb slightly higher to current levels.

The Fed’s Brainard argued pre-emptive tightening was becoming less compelling whereas Lockart made mention serious discussion was needed around raising rates. Overall the tone helped lessen concerns of a September rate hike.

Local event risk on the week sits with the NZ Quarterly GDP announcement at 10:45am on Thursday

Oil prices continue to sell off overnight with WTI Crude down -3.79% and Brent down -4.12%. Gold also slightly lower trading -0.2 at USD$1327 per ounce.

Global equity markets were a mixed bag: - Dow +1.34%, S&P 500 +1.64%, FTSE -1.12%, DAX -1.34%, CAC -1.15%, Nikkei -1.73%, Shanghai -1.85%.

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