HiFX Morning Update, March 31 2016

HiFX Morning Update, March 31 2016

The NZDUSD opens at 0.6933 (mid-rate) this morning.

The NZD surged higher overnight, again out stripping all its major trading partners with the NZDUSD trading as high as 0.6960, a level last seen in June of last year.

The USD continued to fall as Asian and European traders reacted to Fed Chair Yellen’s dovish stance on monetary policy.

U.S. Private companies are continuing to add jobs, with 200,000 new positions created in March, according to the latest count from payrolls processor ADP and Moody's Analytics. As has been the case throughout the post-recession economy, services led the way with 191k

Oil futures gained more ground on overnight after the U.S. Energy Information Administration reported a 2.3 million-barrel rise in crude-oil supplies for the week ended March 25, however WTI Crude was down 0.2%.

German preliminary CPI came in at 0.8% m/m slightly better than the 0.6% expected.

Tonight we have UK Current account and Final GDP q/q, for the U.S. Unemployment Claims and for the Eurozone a flash estimate of CPI y/y.

Global equity markets are broadly higher - Dow +0.53%, S&P 500 +0.45%, FTSE +1.59%, DAX +1.60%, CAC +1.78%, Nikkei -1.31%, Shanghai +2.77%.

Gold prices have given back some of their recent gains currently down 1.1% at $1227 an ounce, WTI Crude Oil is down 0.2% at $38.28 a barrel.

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