HiFX Morning Update June 7 2016

HiFX Morning Update June 7 2016

NZDUSD 0.6930
NZDEUR 0.6101
NZDGBP 0.4795
NZDJPY 74.60
NZDAUD 0.9401
NZDCAD 0.8885

The NZDUSD opens at 0.6930 (mid-rate) this morning.

An extremely disappointing non-farm-payroll report released over the weekend sparked a USD sell-off with the NZDUSD spiking above 0.6950.

The report showed non-farm payroll employment edged up by just 38k jobs in May (expected +158k) while March and April numbers were also downwardly revised to 186k, and 123k, respectively, reflecting a net revision of -59k jobs. The report also showed the unemployment rate fell to 4.7%in may from 5% in April, economists had expected unemployment to dip to 4.9% as people left the labour force.

Euro-zone investor confidence printed ahead of expectations in June with the index rising to 9.9 from 6.2 in May, economists had been expecting the index to rise to 7.0.

The British pound continues to slide with several polls over the past 2 days all showing the leave campaign increasing their majority.

Global equity markets are mixed - Dow +0.78%, S&P 500 +0.60%, FTSE +1.03%, DAX +0.18%, CAC +0.04%, Nikkei -0.37%, Shanghai -0.16%.

Gold prices are currently trading at $1244 an ounce, WTI Crude Oil has gained 2.2% over the past 24hrs currently trading at $49.66 a barrel.

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