The NZDUSD opens at 0.6851 (mid-rate) this morning.
The NZD is the standout performer of the G10 currencies pushing higher after yesterday’s business confidence report
produced a positive-negative. The NZD rose sharply after the ANZ business outlook survey for December improved markedly
with a net 24.1% of firms surveyed expecting general business conditions to deteriorate in the coming 12 months versus
37.1% in November.
This morning’s Global Dairy Trade (GDT) auction, the final auction of 2018 has seen the index record its second
consecutive rise following on from seven falls in the index up till December. This morning’s result saw the overall
index rise 1.7% with whole milk powder and skimmed milk powder indexes increasing by 0.3% and 3.4% respectively.
The USD along with US Treasury yields continue to slip lower ahead of tomorrow’s FOMC announcement. Following recent
comments from several Fed governors investors are now expecting the Fed to revise lower its ‘dot plot’(quarterly
interest rate projections).
US equity markets have turned positive ahead of tomorrow’s Fed announcement, currently up circa 1% as traders go bargain
hunting following Friday and Mondays’ sharp falls.
Crude oils prices have tumbled again overnight with concerns over global growth and oversupply. At one point oil prices
traded below $47 a barrel to a 15mth low.
Global equity markets are mixed, Dow +1.19%, S 500 +0.91%, FTSE -1.06%, DAX -0.29%, CAC -0.95%, Nikkei -1.82%, Shanghai -0.82%.
Gold prices have inched higher up 0.3% trading at $1,248 an ounce. WTI Crude Oil prices are once again sharply lower,
down 5.5% trading at $47.69 a barrel
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