HiFX Morning Update, September 20 2016

HiFX Morning Update, September 20 2016

NZDUSD 0.7295 0.4%
NZDEUR 0.6525 0.2%
NZDGBP 0.5598 0.3%
NZDJPY 74.32 0.0%
NZDAUD 0.9680 -0.3%
NZDCAD 0.9633 0.2

The NZDUSD opens at 0.7295 (mid-rate) this morning.

Broad USD weakness has helped push the NZD back above US 73cents with the NZDUSD peaking at 0.7325 overnight. As investors await Central bank interest rate decisions later in the week the NZD along with other high yielding currencies nudged higher against the majority of its rivals.

We expect the NZDUSD to consolidate within a tight range possibly with a bias to the upside on the back of another positive GDT auction. The last there auctions have out-performed expectations.

In the absence of any NZ data releases today the NZDAUD cross rate should be dictated by Australia’s monetary policy meeting minutes due to be released at 13:30.

Global equity markets have had a positive start to the week - Dow +0.26%, S&P 500 +0.23%, FTSE +1.54%, DAX +0.95%, CAC +1.43%, Nikkei CLOSED, Shanghai +0.79%.

Gold prices have edged higher currently up $4 at $1,314 an ounce, WTI Crude Oil has moved off its lows currently trading up 0.6% at $43.28 a barrel

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