HiFX Morning Update, August 31 2016

HiFX Morning Update, August 31 2016

NZDUSD 0.7213 -0.7%
NZDEUR 0.6474 -0.2%
NZDGBP 0.5515 -0.4%
NZDJPY 74.30 0.4%
NZDAUD 0.9610 0.3%
NZDCAD 0.9443 -0.1%

The NZDUSD opens at 0.7213 (mid-rate) this morning.

The NZD has put in a mixed performance overnight and starts this morning on a softer tone.

The U.S. Conference Board Consumer Confidence Index which had decreased slightly in July, increased in August to its highest level in nearly a year. The Index now stands at 101.1, compared to 96.7 in July. The Present Situation Index rose from 118.8 to 123.0, while the Expectations Index improved from 82.0 last month to 86.4.

Short-term expectations regarding business and employment conditions, as well as personal income prospects, also improved, suggesting the possibility of a moderate pick-up in growth in the coming months. Traders view this as adding fuel to the possibility of a Fed September rate hike and supports the comments from Fed Chair Yellen at Jackson Hole at the weekend.

Global equity markets remain mixed: Dow -0.35%, S&P 500 -0.27%, FTSE -0.25%, DAX +1.07%, CAC +0.75%, Nikkei -0.07%, Shanghai +0.15%.

Gold prices are down 1.0% currently trading at $1,311 an ounce, WTI Crude Oil is down 1.2% at $46.44 a barrel.

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