HiFX Morning Update - March 16 2016

HiFX Morning Update - March 16 2016

NZDUSD 0.6605 -0.8%
NZDEUR 0.5944 -1.1%
NZDGBP 0.4659 0.1%
NZDJPY 74.70 -1.4%
NZDAUD 0.8856 -0.3%
NZDCAD 0.8825 -0.2%

The NZDUSD opens at 0.6605 (mid-rate) this morning.

Another weak GDT auction has seen the NZD underperform once again. The index fell by 2.9% after its previous 1.4% gain with whole milk powder figures falling by 0.8% volumes were also down with 20,406 tonnes sold this morning vs. 21,880 tonnes at the previous auction two weeks ago.

The overnight data releases out of the U.S. delivered mixed results but were all roughly in line with economists’ estimates. The retail sales and producer prices were slightly disappointing while NY manufacturing and business inventories printed slightly better than expected.

Early tomorrow morning the FOMC announcement followed by our final Q4 GDP number will be the focus for investors.

Global equity markets have turned negative - Dow -0.02%, S&P 500 -0.30%, FTSE -0.56%, DAX -0.56%, CAC -0.75%, Nikkei -0.68%, Shanghai +0.17%.

Gold prices have continued to slide currently down $9 at $1229 an ounce, WTI Crude Oil slips further currently down 2.0% at $36.38 a barrel.

ends

© Scoop Media