HiFX Morning Update September 6 2016

HiFX Morning Update September 6 2016

NZDUSD 0.7172 -0.6%
NZDEUR 0.6395 -0.7%
NZDGBP 0.5625 -0.7%
NZDJPY 74.25 0.1%
NZDAUD 0.9407 -0.6%
NZDCAD 0.9448 -0.8%

The NZDUSD opens at 0.7172 (mid-rate) this morning.

The NZD remained under pressure overnight following yesterday’s disappointing Fonterra auction.

Overnight US economic data releases delivered mixed results for the USD with weaker-than-expected employment data countered by a better-than-expected non-manufacturing data release. The ADP Non-Farm Employment Change showed Private sector employment increased by 154k jobs in September, short of an expected 166k increase. In contrast Economic activity in the non-manufacturing sector registered 57.1% in Sept up 5.7% from August and well ahead of the expected 53.1% print.

The UK service sector expanded for the second straight month in September following a sharp decline in July ahead of the” Brexit” vote, with readings above 50.0 signalling growth the index now sits at 52.6 down from 52.9 in August but ahead of the expected 52.1 print.

In the absence of any local data releases investors will look to position their books ahead of Fridays US non-farm-payroll report.

Global equity markets remain mixed - Dow +0.66%, S&P 500 +0.48%, FTSE -0.58%, DAX -0.32%, CAC -0.29%, Nikkei +0.50%, Shanghai +0.23%.

Gold prices are down $5 (0.4%) from yesterday currently trading at $1,268 an ounce, WTI Crude Oil continues to push towards $50 a barrel gaining a further 1.6% overnight currently trading at $49.72 a barrel

ends

© Scoop Media