HiFX Morning Update, July 13

HiFX Morning Update, July 13

NZDUSD 0.6710 -0.3%
NZDEUR 0.6050 -0.5%
NZDGBP 0.4330 -1.1%
NZDJPY 82.10 +1.2%
NZDAUD 0.9045 -0.2%
NZDCAD 0.8525 -0.5%

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The NZDUSD opens 0.3% lower this morning at .6690.

The Kiwi Dollar remains in the grip of US Interest rate expectations, Chinese Equity volatility, Commodity price pressures and more Greek uncertainty.

The US Fed Chairwoman Janet Yellen, confirmed on Friday that she saw signs of an improving US economy and expects a rate hike this year. Yellen expects US employment to expand and the unemployment rate to fall further.

In China, the Shanghai Composite Share Index finished higher on Friday. In fact, Chinese shares had their best 2 day gain in 7 years – up 10.6% in total (but still down circa 20% in the past 5 weeks). Keep in mind that Beijing has imposed drastic ‘market soothing’ measures by banning stock sales by big stakeholders and allowing funds from the Central Bank to be used for buying shares

In Europe, Eurozone leaders demanded that Greece fast track new austerity reforms through their parliament this week – before any new Bailout talks.

Iron Ore, recovered 3.3% on Friday – buoyed by Shanghai. This added to the record one day gain the day before, after the biggest ever one day fall on Wednesday! Now that's volatility.

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