HiFX Morning Update, July 22 2016

HiFX Morning Update, July 22 2016

NZDUSD 0.6996 -0.4%
NZDEUR 0.6349 -0.4%
NZDGBP 0.5297 -0.4%
NZDJPY 73.97 -1.5%
NZDAUD 0.9335 -0.6%
NZDCAD 0.9158 -0.1%

The NZDUSD opens at 0.6996 (mid-rate) this morning.

The NZD lost ground against all of its major competitors overnight, particularly the JPY as it was bought as a safe haven, as U.S. equity markets fell.

U.S. Manufacturing activity in the region fell slightly in July, according to firms responding to this month’s Manufacturing Business Outlook Survey. Although the indicator for current general activity turned negative, indicators for new orders and shipments were positive. Employment was flat at the reporting firms this month. Firms reported higher prices paid for materials and other inputs in July, but prices received for manufactured goods were relatively steady. The index was down 2.9 to 4.7

Boosted by a greater share of sales to first-time buyers not seen in nearly four years, U.S. Existing-Home sales maintained their upward trajectory in June and increased for the fourth consecutive month. Only the Northeast saw a decline in closings in June, and sales to investors fell to their lowest overall share since July 2009. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, climbed 1.1 % to a seasonally adjusted annual rate of 5.57 million in June from a downwardly revised 5.51 million in May.

G20 meetings are this weekend. They discuss a range of global economic issues including financial stability and international trade, in Chengdu

Global equity markets broadly lower: Dow -0.48%, S&P 500 -0.46%, FTSE -0.43%, DAX +0.14%, CAC -0.08%, Nikkei +0.77%, Shanghai +0.37%.

Gold prices are higher, up 1.1% or $14 at $1,331 an ounce, WTI Crude Oil is down 0.7% currently trading at $44.63 a barrel.

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