HiFX Morning Update, September 9 2016

HiFX Morning Update, September 9 2016

NZDUSD 0.7386 -0.8%
NZDEUR 0.6565 -0.9%
NZDGBP 0.5556 -0.5%
NZDJPY 75.72 0.0%
NZDAUD 0.9669 -0.4%
NZDCAD 0.9549 -0.6%

The NZD opens up lower this morning at 0.7386 giving up almost 1c overnight against the USD

The EUR was a strong performer after the ECB downplayed the need for further asset purchases beyond March 2017. The lackluster economy was encouraging speculation from officials to act after growing concern of recovery in the euro-zone, inflation is the key here. "The key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of the net asset purchases".

US Initial jobless claims decreased 4,000 from the last week, this modest drop came as a surprise to economist and further supported USD strength overnight. US consumer credit also rose more than expected, running at an annual rate of 5.8%

Japans current account surplus expanded 8% in July from a year earlier, the second straight monthly increase. Lower oil prices and a stronger JPY have played a key part in this

Global equity markets were once again mixed, Europe and Asia fearing better than the US - Dow -0.25, S&P 500 -0.23%, FTSE +1.14%, DAX +0.03%, CAC +0.02%, Nikkei -0.32%, Shanghai +0.17%.

Oil was a big mover, up 4.4% as inventories fell 14.5 million barrels last week. WTI Crude Oil is at $47.88 a barrel, Gold prices holding steady at $1337 an ounce.

ends

© Scoop Media