HiFX Morning Update, November 1 2016

HiFX Morning Update, November 1 2016

NZDUSD 0.7152 0.0%
NZDEUR 0.6519 0.1%
NZDGBP 0.5845 -0.7%
NZDJPY 74.97 0.1%
NZDAUD 0.9399 -0.2%
NZDCAD 0.9591 -0.1%

The NZDUSD opens at 0.7152 (mid-rate) this morning.

The NZD has traded sideways over the past 24hrs as investors await both international and domestic data releases.

Direction during our trading session will be influenced by China’s manufacturing data and cash rate announcements out of the RBA and BOJ. China’s Purchasing Managers’ Index is expected to continue to show expansion with economists predicting a 50.3 print following Septembers’ 50.4 result. Analysts are also predicting no change to the Cash rates of both Australia and Japan with the accompanying statements likely to dictate direction.

The British Pound has been the most heavily traded currency over the past 24hrs as investors speculated on whether or not BOE Gov Mark Carney would extend his term. Early this morning in a letter to the Chancellor Carney said he would take up the option to extend his term as Governor until the end of 2019.

Overnight, tonight the latest GDT auction is expected to produce an increase in whole milk powder prices from the previous auctions price of USD2,760.

Global equity markets are down slightly - Dow -0.02%, S&P 500 -0.09%, FTSE -0.60%, DAX -0.29%, CAC -0.86%, Nikkei -0.12%, Shanghai -0.12%.

Gold prices are little changed at $1,273 an ounce WTI Crude Oil continues to slide currently down 3.3% trading at $47.08 a barrel.

ends

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