HiFX Morning Update, November 22 2016

HiFX Morning Update, November 22 2016

NZDUSD 0.7042 0.5%
NZDEUR 0.6641 0.5%
NZDGBP 0.5649 -0.4%
NZDJPY 78.36 1.0%
NZDAUD 0.9584 0.2%
NZDCAD 0.9463 0.2%

The NZDUSD opens at 0.7042 (mid-rate) this morning.

An uptick in commodity prices led by oil, has seen the NZD along with other commodity-linked currencies bounce off yesterday’s lows. The NZDUSD traded to a four month low of 0.6985 early yesterday morning, before recovering as the US Dollar Index (DXY) dipped back below 101 during the Asian trading session. The DXY this morning is in danger of snapping its 10-day winning streak, currently down 0.27%.

The British pound has been the strongest performing currency over the past 24hrs after Prime Minister Theresa May told delegates at the CBI's 2016 conference that the Government was working to avoid a "cliff's edge" Brexit transition, and that there are new opportunities to be had, particularly in the form of "new and dynamic" trade deals that can be made.

Oil prices surged higher after Vladimir Putin was reported as saying there is a high probability of a deal on output quotas being reached at the OPEC meeting at the end of this month.

Global equity markets have edged higher - Dow +0.39%, S&P 500 +0.58%, FTSE +0.03%, DAX +0.19%, CAC +0.56%, Nikkei +0.77%, Shanghai +0.79%.

Gold prices are little changed at $1,212 an ounce WTI Crude Oil has surged higher overnight currently up 4% trading at $47.58 a barrel.

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