HiFX Morning Update, November 17 2016

HiFX Morning Update, November 17 2016

NZDUSD 0.7075 -0.3%
NZDEUR 0.6626 0.2%
NZDGBP 0.5685 -0.3%
NZDJPY 77.31 0.1%
NZDAUD 0.9461 0.6%
NZDCAD 0.9495 -0.6%

The NZDUSD opens at 0.7075 (mid-rate) this morning.

The NZD continues to tread water, with ongoing natural disaster concerns capping any attempted rebound. Statistics New Zealand has postponed the release of its Retail Sales and PPI reports until tomorrow in reaction to the earthquake.

Overnight US PPI and industrial production fell short of economists estimates with PPI unchanged in October after edging up 0.3% in September, while industrial production which had been expected to bounce back from its 0.2% fall in September came in flat for October. The report showed both mining and manufacturing output increased in October but this was offset by utilities output which plummeted by 2.6% following on from its 3% fall in September.

Unemployment in the UK came in slightly better than expected falling to 4.8% in Q3 down from 4.9% in Q2, economists had expected an unchanged result. The report also showed the number of people employed increased by 49k well short of the forecast 91k increase, sending a clear signal to the market that jobs growth is slowing in response to the Brexit vote.

Global equity markets with the Nikkei being the exception have edged lower - Dow -0.41%, S&P 500 -0.32%, FTSE -0.63%, DAX -0.66%, CAC -0.78%, Nikkei +1.10%, Shanghai -0.06%.

Gold prices are little changed at $1,227 an ounce WTI Crude Oil is up 0.5% overnight currently trading at $45.62 a barrel.

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