HiFX morning update, June 2

HiFX morning update, June 2

The NZDUSD opens at 0.7090 (mid-rate) this morning.

The NZDUSD remains on the back foot with the USD continuing to benefit from positive economic data releases. led by stronger than expected manufacturing data, construction spending, manufacturing prices and personal income all printed ahead of economists estimates.

The manufacturing index climbed to 52.8 in May from 51.5 in April (exp 51.8) with the ISM signalling that the recent jump in employment (employment index rose to 51.7 in May from 48.3 in April) was the main driver. The U.S. construction rose by 2.2% (exp 0.7%) a six year high, while the U.S personal income rose 0.4% in April slightly ahead of economists estimates of a 0.3% rise.

The spot light in Europe will once again fall on Greece this week with the Greeks debt repayment of EUR 300 mil to the IMF due on Friday. Greece is scheduled to repay a total of EUR1.6 billion to the IMF between June 5 and June 19.

Global equity markets with the FTSE being the only exception are higher - Dow +0.47%, Nikkei+0.03%, Shanghai +4.71%,FTSE +-0.44%, DAX +0.19%, CAC +0.35%

Gold prices are little moved at $1189 Oil (WTI) remains steady at $60.22

The current indicative mid-rates are:

NZDUSD 0.7090
NZDEUR 0.6485
NZDGBP 0.4660
NZDJPY 88.50
NZDAUD 0.9325
NZDCAD 0.8880

ends

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