HiFX Morning Update

HiFX Morning Update

NZDUSD 0.7265 0.2%
NZDEUR 0.6470 0.1%
NZDGBP 0.5625 0.6%
NZDJPY 73.65 0.5%
NZDAUD 0.9485 -0.1%
NZDCAD 0.9525 -0.1

The NZDUSD opens at 0.7265 (mid-rate) this morning.

The NZD rallied on Friday as global sentiment improved on the back of rumours that Deutsche Bank and the US Department of Justice were close to settling on a fine closer to $5bn than the previously reported $15bn.

Euro-zone inflation jumped in September to the highest level since October 2014. The flash estimate from Eurostat has annual inflation at 0.4% in September up from 0.2% in August, but still well below ECB’s target of 2%

According to the University of Michigan survey, consumer sentiment for the month of September in the US improved by more than previously reported with the index’s final reading upwardly revised to 91.2 from the preliminary reading of 89.8.

On Sunday the British prime minister Theresa May announced that Britain would trigger article 50 ( the legal device to begin the process of exiting Europe) no later than the end of March 2017. By implementing article 50 Britain will have two years in which to negotiate a controlled split from Europe.

Crude oil futures continued to rally on Friday following OPEC’s agreement in principal to cut production ahead of their next scheduled meeting in November.

Global equity markets closed out the quarter mixed - Dow +0.91%, S&P 500 +0.80%, FTSE -0.29%, DAX +1.01%%, CAC +0.10%, Nikkei -1.46%, Shanghai +0.21%.

Gold prices were down 0.5% on Friday closing out the quarter at $1,315 an ounce, down 0.3% for the quarter. WTI Crude Oil continued to rally on Friday closing at $48.24 a barrel, down 0.2% for the quarter.

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