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HiFX Morning Update
6 May
HiFX Morning Update
The NZDUSD opens at
0.7565 (mid-rate) this morning.
Another poor Fonterra Dairy Auction has had little effect on the NZD$ with investors chasing yield, underpinning the dollar.
The GDT Price Index fell a further 3.5% from the previous April auction, with the average selling price for whole-milk powder falling 1.8% to $2,386 a metric ton. This morning’s employment data will dictate direction for today.
Once again yesterday’s U.S. data releases were mixed with the weaker than expected trade data out weighing the expectation beating ISM non-manufacturing report. The U.S. trade deficit blew out to $51.4billion in March (expected $42billion) from a revised $35.9 billion in February, while the ISM non-manufacturing index rose to 57.8 in April(expected 56.2) from 56.5 in March.
Last night the European Commission raised their growth forecast for this year from 1.7% to 1.8% on the back of low oil prices, steady global growth and a weaker euro. The commission went on to say "Europe's economies are benefiting from many supporting factors at once. Oil prices remain relatively low, global growth is steady, the euro has continued to depreciate, and economic policies in the EU are supportive,"
Global equity markets are sharply lower - Dow -0.83%, Nikkei CLOSED Shanghai -4.06%, FTSE -0.84% DAX -2.51% CAC -2.12%
Gold prices are up $5 to $1193 Oil (WTI) is up 2.55% overnight currently trading at $60.45
The current indicative
mid-rates are:
NZDUSD 0.7565
NZDEUR
0.6755
NZDGBP 0.4985
NZDJPY
90.65
NZDAUD 0.9525
NZDCAD
0.9130
ends
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