HiFX Morning Update, June 10 2016

HiFX Morning Update, June 10 2016

NZDUSD 0.7134 1.7%
NZDEUR 0.6296 2.3%
NZDGBP 0.4926 1.9%
NZDJPY 76.23 1.6%
NZDAUD 0.9581 2.1%
NZDCAD 0.9066 1.7%

The NZDUSD opens at 0.7134 (mid-rate) this morning.

The NZD has continued to surge higher after the RBNZ yesterday morning left interest rates at 2.25%. The NZD is the best performing currency in the G10 for the second consecutive week.

U.S. weekly unemployment claims in the week ending June 4, the advance figure for seasonally adjusted initial claims was 264,000, a decrease of 4,000 from the previous week's revised level.

U.S. wholesale inventories recorded their largest increase in 10 months in April as stocks of machinery and farm products rose, suggesting inventories could be a boost to economic growth in the second quarter. Wholesale inventories increased 0.6% from 0.2% last time and better than the 0.1% market consensus.

Again the calendar is light on data. Overnight we have U.S. preliminary University of Michigan Consumer Sentiment and Inflation Expectations, Federal Budget Balance. Australia celebrates the Queen’s Birthday on Monday so it will be a AU Bank holiday.

Global equity markets are broadly lower: Dow -0.14%, S&P 500 -0.20%, FTSE -1.10%, DAX -1.25%, CAC -0.97%, Nikkei -0.97%, Shanghai -0.30%.

Gold prices have gained $10 (0.8%) over the past 24hrs currently trading at $1269 an ounce, WTI Crude Oil is down 1.3% overnight currently trading at $50.51 a barrel.

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