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HiFX Morning Update - October 26 2016
HiFX Morning Update - October 26 2016
The NZDUSD opens
at 0.7161 (mid-rate) this morning.
The NZD has benefited from rising commodity prices and opens this morning having made small gains against the majority of its rivals.
Boosted by better than expected PMI data releases on Monday, commodity prices have surged higher, with Zinc spiking to a five year high and iron ore now sitting at its highest level since mid 2014.
US consumer confidence for the month of October fell further than estimated. The latest Conference Board consumer index report shows the index fell to 98.6 in October after rising to 103.5 in September. This latest figure was short of the expected 101.0 print.
German business confidence printed ahead of economists forecasts with the Ifo business confidence index spiking to 110.5 ,its highest level since April 2014. Economists had expected the index to edge up to 109.6 in October after peaking at 109.5 in September.
Today investors will be focused on Australia’s latest inflation data release, with Q3 CPI due to be released at 13:30. Economists are forecasting CPI to edge up to 0.5% in Q3 from Q2’s 0.4% print. A lower print is likely to put further pressure on the RBA to cut rates at next week’s meeting.
Global equity markets are mixed - Dow -0.21%, S&P 500 -0.31%, FTSE +0.45%, -0.04% CAC -0.26%, Nikkei +0.76%, Shanghai +0.12%.
Gold prices have gained $10 over the past 24hrs, currently trading at $1,273 an ounce, WTI Crude Oil is back below $50 a barrel currently down 1.3% at $49.98 a barrel.
ends
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