HiFX Morning Update, October 10 2016

HiFX Morning Update, October 10 2016

NZDUSD 0.717 0.2%
NZDEUR 0.641 -0.1%
NZDGBP 0.5765 1.8%
NZDJPY 74.1 -0.4%
NZDAUD 0.9435 0.0%
NZDCAD 0.95 0.5%

The NZDUSD opens at 0.7170 (mid-rate) this morning.

After the excitement during our trading day on Friday when the British Pound suffered a “flash crash” plunging 6% and then reversing most but not all of the move, within a 10 minute period, markets steadied ahead of the US non-farm-payrolls.

The US non-farm-payrolls fell short of economists estimates on Friday with the report showing an increase of 156k jobs in September below the 176k consensus. The report also showed an unexpected increase in unemployment with the rate edging up to 5% in September from 4.9% in August.

The UK’s Manufacturing Production m/m disappointed increasing by 0.2% in September after a plunging 0.9% in August, economists had expected production to increase by 0.4%.

The week ahead offers little in the way of both domestic and international data releases with the highlight likely to be Friday’s US retails sales report.

Global equity markets closed out the week mixed - Dow -0.15%, S&P 500 -0.33%, FTSE +0.63%, DAX -0.74%%, CAC -0.67%, Nikkei -0.23%, Shanghai +0.21%.

Gold prices were down 5% over the course of the week closing on Friday at $1,256 an ounce WTI Crude Oil gained 3.3% over the week but failed to hold above $50 a barrel closing on Friday at $49.81 a barrel.

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