HiFX Morning Update, October 28 2016

HiFX Morning Update, October 28 2016

NZDUSD 0.7119 -0.5%
NZDEUR 0.653 -0.5%
NZDGBP 0.5849 -0.1%
NZDJPY 74.92 0.1%
NZDAUD 0.9377 0.2%
NZDCAD 0.9529 -0.3%

The NZDUSD opens at 0.7119 (mid-rate) this morning.

The NZD has continued to trade lower overnight after yesterday’s NZ Trade Balance came in at 1.436 million which was worse than expectations and the previous month.

Filings for U.S. jobless benefits fell for the first time in three weeks, staying near a four-decade low as employers remain unwilling to part with workers. Jobless claims declined by 3k to 258k in the week ended Oct. 22. The consensus was for 256k

Orders for U.S. business equipment fell in September by the most in seven months, indicating corporate investment is having trouble gaining traction. Business investment remained slow in Q3 as moderating demand and weakness overseas prompted companies to hold back

Euro Money Supply, the annual growth rate of the broad monetary aggregate M3 stood at 5.0% in September 2016, after 5.1% in August 2016.

Change in gross domestic product (GDP) is the main indicator of economic growth. U.K. GDP was estimated to have increased by 0.5% in Quarter 3 (July to Sept) 2016 compared with growth of 0.7% in Quarter 2 (Apr to June) 2016. GDP was 2.3% higher in Quarter 3 2016 compared with the same quarter a year ago.

U.K. Retail Sales, a survey of 126 firms of which 60 were retailers reported the strongest pace of growth since September 2015 over the year to October, with sales expected to expand at similar pace next month, according to the latest CBI monthly Distributive Trades Survey.

Global equity markets remain mixed - Dow +0.11%, S&P 500 +0.02%, FTSE +0.41%, DAX +0.07%, CAC -0.02%, Nikkei -0.32%, Shanghai -0.13%.

Gold prices are up 0.4% over the past 24hrs, currently trading at $1,270 an ounce, WTI Crude Oil rebounded higher 1.5% currently at $49.84 a barrel.

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