HiFX Morning Update, May 11 2016

HiFX Morning Update, May 11 2016

NZDUSD 0.6760 -0.1%
NZDEUR 0.5945 0.0%
NZDGBP 0.4682 -0.3%
NZDJPY 73.86 0.7%
NZDAUD 0.9185 -0.8%
NZDCAD 0.8732 -0.5%

The NZDUSD opens at 0.6760 (mid-rate) this morning.

The NZD has underperformed ahead of this morning’s RBNZ Financial Stability Report, as global sentiment improved and both commodity prices and equity markets turned positive.

Overnight German data releases sent mixed messages to the market with industrial production declining for the second consecutive month falling by 1.3% m/m in March from a downwardly revised 0.7% fall in February. The better news came in the form of the Trade Balance where a record surplus of EUR 26B was recorded for the month of March up from a EUR 20.2B surplus reported in February.

Global equity markets are broadly higher - Dow +1.12%, S&P 500 +1.06%, FTSE +0.68%, DAX +0.65%, CAC +0.36%, Nikkei +2.15%, Shanghai +0.02%.

Gold prices are holding steady currently trading at $1266 an ounce, WTI Crude Oil has retraced yesterday’s fall currently up 2.8% trading at $44.65 a barrel.

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