HiFX Morning Update, October 14 2016

HiFX Morning Update, October 14 2016

NZDUSD 0.7096 0.3%
NZDEUR 0.6423 0.0%
NZDGBP 0.5791 -0.1%
NZDJPY 73.50 -0.3%
NZDAUD 0.9371 0.3%
NZDCAD 0.9365 0.0%

The NZDUSD opens at 0.7096 (mid-rate) this morning.

The Kiwi recovered from lows around 0.7030 overnight to trade up to a high of 0.7099

In the week ending October 8, the advance figure for seasonally adjusted initial claims was 246,000, unchanged from the previous week's revised level. The previous week's level was revised down by 3,000 from 249,000 to 246,000. This is the lowest level for this average since November 3, 1973 when it was 244,000. This marks 84 consecutive weeks of initial claims below 300,000, the longest streak since 1970.

Prices for U.S. imports increased 0.1% in September, the U.S. Bureau of Labor Statistics reported overnight, following a 0.2% decline the previous month.

Crude oil inventories for the week ending Oct . Prior was -2976K, Gasoline inventories -1907K vs -900K exp, API reported a 2700K build in oil supplies, according to sources. They also estimated a gasoline draw of 688K barrels, the kneejerk reaction has seen crude break through $50 on the downside, on the strong headline draw.

Overnight for the U.S. we have Core Retail Sales, Retail Sales, Core PPI, PPI, FOMC Member Rosengren Speaks, Prelim University of Michigan Consumer Sentiment, Federal Budget balance and Fed Chair Yellen Speaks so plenty of volatility expected.

Global equity markets are mainly lower - Dow -0.24%, S&P 500 +0.19%, FTSE -0.66%, DAX -1.04%, CAC -1.06%, Nikkei -0.39%, Shanghai +0.09%.

Gold prices are up $2 or 0.2% currently trading at $1,253 an ounce, WTI Crude Oil continues to pull back down another 1.6% overnight and broke through $50 currently trading at $49.36 a barrel.

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