HiFX Morning Update, October 31 2016

HiFX Morning Update, October 31 2016

NZDUSD 0.7151 0.5%
NZDEUR 0.6505 -0.2%
NZDGBP 0.5881 0.6%
NZDJPY 74.81 0.0%
NZDAUD 0.9418 0.4%
NZDCAD 0.9601 0.8%

The NZDUSD opens at 0.7151 (mid-rate) this morning.

The NZD continued to trade tight ranges against all its rivals on Friday with investors looking to the US GDP and sentiment reports for direction.

The US third quarter GDP printed ahead of expectations with the Commerce Department report putting Q3 GDP at 2.9% (exp 2.5%) while the consumer sentiment index for October was downwardly revised to 87.2 from the preliminary reading of 87.9. However both reports were over shadowed by the news that the FBI are reopening their investigation into Hilary Clinton's emails.

The Euro-zone economic sentiment index rose more than expected in October improving to 106.3, up from 104.9 in September and now sits at its highest level since December 2015.

The week ahead is packed full of economic data releases with Wednesday’s GDT auction, employment report and inflation expectations the domestic highlights.

Global equity markets finished the week mixed - Dow -0.05%, S&P 500 -0.31%, FTSE +0.14%, DAX -0.20%, CAC +0.33%, Nikkei +0.63%, Shanghai -0.26%.

Gold prices gained 0.7% over the course of the week closing on Friday at $1,275 an ounce WTI Crude Oil fell 0.8% on Friday closing out the week at $48.70 a barrel down 4% over the course of the week.

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