HiFX Morning Update, April 11 2016

HiFX Morning Update, April 11 2016

NZDUSD 0.6810 0.4%
NZDEUR 0.5963 0.1%
NZDGBP 0.4825 0.1%
NZDJPY 73.55 0.1%
NZDAUD 0.9020 -0.1%
NZDCAD 0.8840 -0.8%

The NZDUSD opens at 0.6810 (mid-rate) this morning.

The NZD continued to trade a tight range against the USD on Friday, as it had done for most of the week straddling US68cents.

The USD rallied on Friday Federal Reserve Chair Janet Yellen used the term "tremendous progress" when referring to the how the US economy is performing post GFC, and played down concerns about an economic bubble. The rally stalled shortly afterwards when New York Fed President William Dudley pointed out that "the low levels of energy and commodity prices may signal more persistent disinflationary pressures and that “further tightening of financial market conditions could have a greater negative impact on the U.S. economy,"

The day ahead is again light on data releases while overnight there is another scheduled announcement from the Federal Reserve.

Global equity markets with the exception of the Shanghai index closed out the week higher - Dow +0.20%, S&P 500 +0.28%, FTSE +1.10%, DAX +0.96%, CAC +1.35%, Nikkei +0.46%, Shanghai -0.78%.

Gold prices edged higher on Friday closing out the week at $1240 an ounce, WTI Crude Oil gained 6.6% on Friday with the oil price rising 8% over the course of the week closing at $39.72 a barrel.

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