HiFX Morning Update - March 29 2017

HiFX Morning Update - March 29 2017

The NZDUSD opens at 0.7012 (mid-rate) this morning.

The NZD has continued to trade tight ranges against all its major rivals, with the GBP the poorest performing currency over the past 24hrs, ahead of the UK invoking “Article 50”. Last night Scottish First Minister Nicola Sturgeon's motion calling for a new independence referendum in late 2018 or 2019 passed by 69 votes in favour and 59 votes against.

Overnight US consumer confidence surprised economists, who had been expecting the index to edge down from February’s 114.8 reading to 113.8 for March. Instead the Conference Board report showed the index spiking to a 16-year high of 125.6 in March with February’s reading upwardly revised to 116.1.

Federal Reserve Vice-Chair Stanley Fischer during an exclusive interview with CNBC commented that “two more rate increases in 2017 seems to be about right.”

Crude oil prices are pushing higher following reports of supply disruptions in Libya. The report showed daily output has been cut by 30% due to production being blocked in the Wafa and Sharara fields.

Global equity markets are broadly higher- Dow +0.67%, S&P +0.60%, FTSE +0.68%, DAX +1.28%, CAC +0.57%, Nikkei +1.14%, Shanghai -0.43%.

Gold prices are holding steady at $1,254 an ounce, WTI Crude Oil is currently up 1.3% trading at $48.36 a barrel.

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