HiFX Morning Update

HiFX Morning Update

The NZDUSD opens at 0.7650 (mid-rate) this morning.

The NZDUSD has traded off yesterday’s highs with the USD making gains across the board as the market switches its focus back to Greece amid speculation of a default.

The NZDAUD is once again above 0.99 with parity in sight following Reserve Bank Governor Stevens speech. Speaking in New York overnight, Mr Stevens said Australia's economy was still trying to adjust to the largest terms of trade shock it has faced in 150 years, with a huge drop-off in investment in the resources and energy sector "exerting a major dampening effect on demand". He went on to say the Reserve Bank has "clearly signalled a willingness" to lower interest rates further.

Global equity markets are mixed - Dow +1.26%, Nikkei -0.09%, Shanghai -1.64%, FTSE +0.82% DAX +1.74%, CAC +0.86%.

Gold prices are currently down $9 trading at $1195 Oil (WTI) is up 1% trading at $56.27.

The current indicative mid-rates are:

NZDUSD 0.7650
NZDEUR 0.7125
NZDGBP 0.5130
NZDJPY 91.23
NZDAUD 0.9910
NZDCAD 0.9351

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