HiFX Morning Update, November 8 2016
NZDUSD 0.7322 0.0%
NZDEUR 0.6634 0.8%
NZDGBP 0.5908 0.7%
NZDJPY 76.57 1.2%
NZDAUD 0.9488 -0.6%
NZDCAD 0.9787 -0.3%
The NZDUSD opens at 0.7322 (mid-rate) this morning.
Global sentiment turned positive yesterday after the FBI said it stood by a recommendation that no criminal charges were
warranted against Hillary Clinton. This shift in sentiment has seen the NZD push higher against the JPY, GBP and EUR and
hold its own against the USD.
America go to the polls today and given the market reaction over the past 24hrs should Clinton win we would expect the
NZD to extend its gains against all the majors with the exception of the USD. A Trump victory which is now looking less
likely, would create a risk off response with the NZD likely to fall against all the majors including the USD.
Yesterday’s upward revision of NZ’s Q3 CPI following on from sharp rises in dairy prices and continuing inflationary
pressures in the housing sector has some economists now hedging their bets against an interest rate cut at Thursday
mornings RBNZ meeting.
Global equity markets have surged higher - Dow +1.88%, S 500 +2.08%, FTSE +1.70%, DAX +1.93%, CAC +1.91%, Nikkei +1.61%, Shanghai +0.26%.
Gold prices are down 1.8% currently trading at $1,280 an ounce WTI Crude Oil has started the week on the front foot
currently up 0.5% at $44.31 a barrel.
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