HiFX Morning Update, July 28

HiFX Morning Update, July 28

HiFX corporate@hifx.co.nz via mail89.atl11.rsgsv.net

NZDUSD 0.6607 0.6%
NZDEUR 0.5957 -0.4%
NZDGBP 0.4248 0.3%
NZDJPY 81.45 0.2%
NZDAUD 0.9080 0.5%
NZDCAD 0.8618 0.6%

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The NZDUSD opens at 0.6607 (mid-rate) this morning.

The NZDUSD has strengthened overnight on the back of broad USD weakness as investors trim their USD long positions ahead of Thursdays FOMC meeting and a growing belief that the Fed may not be in a position to raise rates this year.

Overnight the German Ifo Business Climate data release unexpectedly came in ahead of expectations (108 vs. 107.5) helping the EUR strengthen against all its major competitors.

U.S. Durable Goods Orders rebounded 3.4% in June with non-defence aircraft and parts and a rebound in orders for transportation equipment showing a particularly strong increase.

Concerns about China’s economy continue to keep investors on edge with the Shanghai Composite Index plunging 345.35 points or 8.5% during yesterday’s trading session.

Investors will be looking to tomorrow when RBNZ Gov Wheeler addresses the Tauranga Chamber of Commerce, for further direction.

Global equity markets continue to plummet - Dow -0.81%, S&P 500 -0.58%, FTSE -1.14%, DAX -2.56%, CAC -2.57%Nikkei -0.95%, Shanghai -8.48%.

Gold prices are down another 4% trading at $1094 an ounce, WTI Crude Oil continues to slide currently trading down 1.85% at $47.25 a barrel.

ends

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