HiFX Morning Update, July 8

HiFX Morning Update, July 8

NZDUSD 0.6660 -0.3%
NZDEUR 0.6035 -0.1%
NZDGBP 0.4300 +0.5%
NZDJPY 81.60 -0.2%
NZDAUD 0.8925 +0.2%
NZDCAD 0.8450 +0.0%

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The NZDUSD opens slightly lower than yesterday at 0.6660.

European finance ministers are meeting today as part of a last-ditch effort to reach a new bailout agreement, after Greek voters rejected reform proposals in Sunday's referendum. A French Official, speaking to reporters in Brussels, has just announced that the ECB can support Greek Banks if aid is in the works, and that what Greece needs is a longer term deal. A new program could go 2 to 3 years.

The US Trade Deficit widened in the month of May to USD41.9 Billion from a revised USD 40.7 Billion in April. Economists had expected the deficit to widen to USD42.7 billion.

Germany's industrial production remained unchanged in May from the prior month. Production was forecast to rise 0.1 percent after expanding 0.6 percent in April, which was revised down from 0.9 percent.

The French trade deficit increased in May due to a fall in exports amid increasing imports, to EUR 4.02 billion from EUR 3.3 billion in April. It was larger the expected shortfall of EUR 3.6 billion.

Japan's official reserve assets declined by $2.820 billion month-on-month to $1242.9 billion in June.

US & Japanese equity markets were up overnight while UK, European & Chinese equity markets were down. Dow +0.43%, S&P 500 +0.54%, FTSE -1.58%, DAX -1.96%, CAC -2.27%, Nikkei +1.31%, Shanghai -1.29%, Hang Seng -1.03%.

The Gold price is down 1.5% at $1155.39 an ounce, Oil (WTI) is down again to $52.05 a barrel.

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