HiFX Morning Update, June 9 2016

HiFX Morning Update, June 9 2016

NZDUSD 0.7015 1.2%
NZDEUR 0.6155 0.9%
NZDGBP 0.4335 0.8%
NZDJPY 75.01 0.5%
NZDAUD 0.9385 -0.2%
NZDCAD 0.8915 0.3%

The NZDUSD opens at 0.7015 (mid-rate) this morning.

The NZD has made steady gains against all its major trading partners ahead of this morning’s RBNZ Monetary Policy Statement. The NZD along with other commodity-linked currencies continues to benefit from rising commodity prices, with the CRB index (Commodity futures price index) now sitting at 5mth highs.

There was very little in the way of economic data releases overnight and as such currency and equity markets have traded tight ranges with mixed results.

The World Bank downwardly revised its global growth outlook sighting stubbornly low commodity prices, weak global trade as the main reasons for this revision. The World Bank now forecasts the global economy to grow at 2.4% in 2016 from the previously predicted 2.9%, while next year’s growth is now predicted to expand at 2.8% down from 3.1%.

Global equity markets are mixed- Dow +0.04%, S&P 500 +0.34%, FTSE +0.27%, DAX -0.69%, CAC -0.61%, Nikkei +0.93%, Shanghai -0.30%.

Gold prices have gained 1.2% over the past 24hrs currently trading at $1259 an ounce, WTI Crude Oil has continued to rise up 3.1% overnight currently trading at $50.37 a barrel.

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