HiFX Morning Update, March 9 2016

HiFX Morning Update, March 9 2016

NZDUSD 0.6757 - 0.6%
NZDEUR 0.6140 -0.5%
NZDGBP 0.4754 -0.2%
NZDJPY 76.09 -1.6%
NZDAUD 0.9061 -0.4%
NZDCAD 0.9054 0.0%

The NZDUSD opens at 0.6757 (mid-rate) this morning.

The NZD is slightly lower against the majority of our trading partners after commodity prices topped out yesterday afternoon. The catalyst for this fall in commodity prices, along with equity markets was a weaker than expected China trade balance.

With the absence of any notable data releases today investors will be positioning their books ahead of tomorrow mornings RBNZ announcement. At the very least the RBNZ Gov Wheeler is expected to deliver a dovish speech with the outside chance of a rate cut, as of this morning the market is pricing in a 26% possibility of a 25 basis point cut.

Global equity markets are broadly lower - Dow -0.19%, S&P 500 -0.67%, FTSE -0.92%, DAX -0.88%, CAC -0.86%, Nikkei -0.76%, Shanghai +0.14%.

Gold prices continue to push higher gaining $4 overnight currently trading at $1265 an ounce, WTI Crude Oil has given up some of its recent gains currently down 3.9% from yesterdays high trading at $36.42 a barrel.

ends

© Scoop Media