HiFX Morning Update - September 21 2016

HiFX Morning Update - September 21 2016

NZDUSD 0.7315 0.3%
NZDEUR 0.6557 0.5%
NZDGBP 0.5634 0.6%
NZDJPY 74.45 0.2%
NZDAUD 0.9688 0.1%
NZDCAD 0.9662 0.3

The NZDUSD opens at 0.7315 (mid-rate) this morning.

The NZD continued to edge higher against all its rivals throughout our trading day yesterday but has given back the majority of those gains overnight after the latest Global Dairy Trade auction fell short of expectations. Although it was fourth consecutive rise for the auction the 1.7% increase was a disappointing result with economists expecting the index to rise between 5% and 10%.

Overnight US housing starts fell more than expected in the month of August with the commerce department report showing housing starts plunged by 5.8% to an annual rate of 1.142m. Economists had been expecting a fall of 1.7% from July’s upwardly revised 1.212m result.

The markets continue to be subdued ahead of this week’s Central Bank Monetary Policy announcements with the BOJ set to release their latest statement sometime this afternoon ahead of tomorrow mornings Federal Reserve and RBNZ announcements.

Global equity markets are mixed - Dow +0.25%, S&P 500 +0.23%, FTSE +0.25%, DAX +0.19%, CAC -0.13%, Nikkei -0.16%, Shanghai -0.10%.

Gold prices are unchanged at $1,314 an ounce, WTI Crude Oil has edged up 0.5% currently trading at $43.50 a barrel

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