HiFX Morning Update
NZDUSD 0.6510 0.7%
NZDEUR 0.5822 0.9%
NZDGBP 0.4295 0.8%
NZDJPY 78.44 1.1%
NZDAUD 0.9178 0.2%
NZDCAD 0.8523 0.2%
The NZDUSD opens at 0.6510 (mid-rate) this morning.
The NZD continues to outperform all its major trading partners with investors adding to their risk portfolios as
commodity and global equity markets spike higher.
Overnight the Euro-zone data releases were mixed with retail sales coming in flat (as expected) for the month of August
while July’s 0.4% print was upwardly revised to 0.6%. The Euro-zone investor sentiment index fell to 11.7 in October
from 13.6 in September (8month low) while the Final Services PMI data release fell just short of expectations printing
53.7 vs. 54.0.
The GBP has given back some of its recent gains following a disappointing Services PMI data release, 53.3 vs. exp 55.7.
Data releases out of the U.S. overnight were once again weaker than expected with the non-manufacturing ISM index
dipping to 56.9 vs., 58.0 while their Final Services PMI printed 55.1 vs. 55.7.
The highlight for the NZD today comes in this morning’s confidence data release while overnight the GDT auction should
provide the NZD with short-term direction.
Global equity markets are sharply higher - Dow +1.74%, S 500 +1.63%, FTSE +2.76%, DAX +2.74%, CAC +3.54%, Nikkei +1.58%, Shanghai CLOSED.
Gold prices are little changed currently trading at $1136 an ounce, WTI Crude Oil is up 2% currently trading at $46.90 a
barrel.
ends