HiFX Morning Update, May 23 2016

HiFX Morning Update, May 23 2016

The NZDUSD opens at 0.6765 (mid-rate) this morning.

It was a quiet close to the end of the week with the NZD continuing to trade tight ranges against all its major trading partners.

With most currencies awaiting further economic data releases for direction, the British Pound has been the big mover making and holding on to gains against all its counterparties, as opinion polls show a growing lead for the remain in Europe camp in next month’s referendum.

The week ahead is again light on domestic data releases with Wednesday’s trade balance and Thursday’s annual budget the highlights.

Global equity markets closed out the week broadly higher - Dow +0.38%, S&P 500 +0.6%, FTSE +1.70%, DAX +1.23%, CAC +1.67%, Nikkei +0.54%, Shanghai +0.66%.

Gold prices were down 1.6% over the course of the week closing on Friday at $1251 an ounce, WTI Crude Oil gained 3.3% over the course of the week closing on Friday at $48.41 a barrel.

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