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HiFX Morning Update June 3
HiFX Morning Update June 3
The NZDUSD opens at 0.7180
(mid-rate) this morning.
The NZDUSD opens a cent higher this morning with the USD losing ground against all its major competitors. Even after another disappointing Fonterra auction the NZD has managed to hold onto most of its gains.
Fonterra’s GDT price index fell 4.3% with an average selling price of $2412 per tonne, however the news wasn’t all bad as volumes increased by 4.4% with a total 27,711 tonnes selling.
The USD found itself on the back foot after the Euro-zone reported that consumer prices (inflation indicator) rose for the first time in six months in the month of May combined with a weaker than expected U.S factory orders report. Breaking the recent run of positive U.S. data releases last night’s U.S factory orders printed -0.4% vs. economists forecasts of -0.1%.
Global equity markets with the Shanghai being the only exception are down - Dow -0.12%, Nikkei -0.13%, Shanghai +1.69%,FTSE -0.36%, DAX -0.94%, CAC -0.41%
Gold prices are up $4 to $1193 Oil (WTI) has gained 1.9% trading at $61.33
The current indicative mid-rates are:
NZDUSD
0.7180
NZDEUR 0.6435
NZDGBP
0.4680
NZDJPY 89.10
NZDAUD
0.9240
NZDCAD
0.8910
ends
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