HiFX Morning Update, May 28

HiFX Morning Update

The NZDUSD opens at 0.7225 (mid-rate) this morning.

The NZDUSD is unchanged from yesterday’s open, in the absence of any notable overnight data releases the NZD has traded sideways as we await this morning’s Fonterra payout announcement.

Overnight GfK German Consumer Climate (forward-looking consumer sentiment) printed ahead of economists’ expectations, with economists expecting the indicator to fall from 10.1 in May to 10.0, an unexpected 10.2 release is a good indication that German consumer confidence is set to rise further in June.

There was again conflicting reports surrounding Greece with Greek PM Tsipras announcing that a solution is “close”, while the German Finance Minister Schaeuble said he was surprised to hear reports of an imminent deal the European Commission went as far as to state that a deal is “not imminent”.

Global equity markets are sharply higher - Dow +0.72%, Nikkei +0.17%, Shanghai +0.63%, FTSE +1.21%, DAX +1.26%, CAC +1.95%

Gold prices are holding steady at $1187 an ounce, Oil (WTI) is slightly lower trading at 57.50 a barrel.

The current indicative mid-rates are

NZDUSD 0.7225
NZDEUR 0.6646
NZDGBP 0.4715
NZDJPY 89.65
NZDAUD 0.9370
NZDCAD 0.9025

ends

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