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HiFX Morning Update, November 11 2016

HiFX Morning Update, November 11 2016

NZDUSD 0.7215 -0.9%
NZDEUR 0.6622 -0.5%
NZDGBP 0.5753 -1.7%
NZDJPY 77.01 0.5%
NZDAUD 0.9467 -0.7%
NZDCAD 0.9704 -0.7%

The NZDUSD opens at 0.7215 (mid-rate) this morning.

For all the extreme volatility that we have seen this week and the wide ranges seen in the currency pairs, the Kiwi is only 1.5% lower from Monday’s open against the USD, 1.9% down against the GBP and up 1.8% versus the JPY.

The RBNZ, as expected, cut the OCR by 25 basis points to 1.75% at 9am and initially the NZD rallied, however at 10am with the accompanying statement the Kiwi retraced the gains and we open 1.5% lower this morning

In the week ending November 5, the advance figure for U.S. seasonally adjusted initial claims was 254k , a decrease of 11k from the previous week's unrevised level of 265k

The U.S. Equity markets (Dow and S&P) were both higher again overnight setting the tone globally, and the Nikkei after being down 5.36% 2 days ago, rebounded 6.72% yesterday.

The UK’s FTSE, Germany’s DAX, and France’s CAC were all up over 1% 2 days ago, but overnight the FTSE gave up its gains to be down 1.21% and the DAX & CAC were both modestly lower

Global equity markets are mixed - Dow +1.16%, S&P 500 +0.32%, FTSE -1.21%, DAX -0.15%, CAC -0.28%, Nikkei -+6.72%, Shanghai +1.37%.

Gold prices are down $10 or 0.8% trading at $1,226 an ounce WTI Crude Oil has lost 1.8% overnight currently trading at $44.78 a barrel.


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