HiFX Morning Update, December 12, 2017

HiFX Morning Update, December 12, 2017

The NZDUSD opens at 0.6916 (mid-rate) this morning.

The NZD has been the strongest performing of the G10 currencies. The NZD rallied following the announcement that Adrian Orr has been appointed as the Reserve Bank Governor effective from 27 March 2018. Mr Orr the current CEO of the New Zealand Superannuation Fund and former Deputy Governor and Head of Financial Stability at the Reserve Bank has been appointed for a five-year term at the completion of Acting Governor Grant Spencer’s term.

New Zealand credit card spending for the month of November printed ahead of forecasts with yesterday’s report showing spending increased a seasonally adjusted 1.4% in November following an upwardly revised 0.7% rise in October. Economists had forecast card spending to climb by 0.76% from the previously reported 0.4% increase in October.

Global equity markets are mixed - Dow +0.12%, S&P 500 +0.20%, FTSE +0.80%, DAX -0.23%, CAC -0.23%, Nikkei +0.56%, Shanghai +0.98%.

Gold prices are unchanged trading at $1,247 an ounce. WTI Crude Oil prices have continue to rise, up 0.9%%, trading at $57.95 a barrel.

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