HiFX Morning Update, October 17 2016

HiFX Morning Update, October 17 2016

NZDUSD 0.7108 0.2%
NZDEUR 0.6478 0.9%
NZDGBP 0.5851 1.0%
NZDJPY 74.10 0.8%
NZDAUD 0.9321 -0.5%
NZDCAD 0.9331 -0.4%

The NZDUSD opens at 0.7108 (mid-rate) this morning.

Friday’s US economic data releases delivered mixed results for the USD with retail sales and PPI pushing the USD higher against all its major rivals before a weaker than expected consumer sentiment data release turned the tide.

Retail sales advanced 0.6% in September up from a revised 0.2% decline in August while the producer-price index increased 0.3% in September after a flat result in August, helping boost the USD before an unexpected decline in consumer sentiment reversed the move. The University of Michigan consumer sentiment index which had been expected to edge up to 92 in October from 91.2 in September plummeted to 87.9.

The week ahead is stacked full of economic data releases with tomorrows quarterly CPI and Tuesday night’s Global dairy trade auction the domestic highlights.

Global equity markets finished the week broadly higher - Dow +0.22%, S&P 500 +0.22%, FTSE +0.51%, DAX +1.60%, CAC +1.49%, Nikkei +0.49%, Shanghai +0.08%.

Gold prices were little changed on Friday closing out the week at $1,250 an ounce, WTI Crude Oil managed to close out the week above $50 a barrel closing on Friday at $50.35

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