HiFX Morning Update, May 10 2018

The NZDUSD opens at 0.6985 (mid-rate) this morning.

The CAD is the best performing of the G10 currencies as crude oil prices rebound from yesterday’s fall, breaking up through $71.00 a barrel.

Another rise in US Treasury bond yields has seen the Japanese Yen under perform with USD/JPY threatening to break up through the key 110.00 psychological mark.

The yield on the two-year Treasury note hit 2.53% its highest since September 2009, while the yield on the 10-year Treasury note continues to hover around the 3% mark despite soft overnight US economic data.

US producer prices in the month of April inched up by 0.1% following on from March’s 0.3% rise and short of expectations of a 0.2% increase. Wholesale inventories increased by 0.3% in March after climbing by 0.9% in February, economists had forest inventories to to increase by 0.5%.

The RBNZ’s Monetary Policy Statement is released this morning with investors keen to hear new Governor, Adrian Orr’s views on the New Zealand economy and where he see’s interest rates heading over the next 24 months.

Global equity markets are mixed- Dow +0.77%, S&P 500 +1.02%, FTSE +1.08%, DAX +0.24%, CAC +0.23%, Nikkei -0.44%, Shanghai -0.07%.

Gold prices have edged lower, down 0.2% to $1,312 an ounce. WTI Crude Oil prices have rebounded from yesterday’s fall currently up 2% trading at $71.12 a barrel.

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