HiFX Morning Update, December 12 2017
The NZDUSD opens at 0.7064 (mid-rate) this morning.
The Kiwi is up against the USD, EUR, GBP & JPY, but steady with the AUD. The NZD/USD has traded a 127 point range or 1.8% in the last 24 hours.
The UK monthly estimate of manufacturing increased by 1.3% in November, much better than the market consensus of 0.6%,
The total Industrial production for the UK was estimated to have increased by 2.1% compared with October 2016. This was better than the 0.8% expected and a big increase from the -1.1% from September.
The UK’s deficit on trade in goods and services was estimated to have been £4.2 billion in November 2016, a widening of £2.6 billion from October 2016, which reflects a £3.3 billion increase in imports, partially offset by a £0.7 billion increase in exports.
Oil prices rose on Wednesday, following news of Saudi Arabia, the world's top oil exporter supply cuts to Asia, but persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check.
U.S. crude inventories increased by 4.1 million barrels last week. That topped analysts’ forecasts and a Reuters Poll that was in the range of 0.9m-1.5m barrels.
Global equity markets are mainly higher. Only China and the S&P are lower - Dow +0.11%, S&P 500 -0.23%, FTSE +0.21%, DAX +0.54%, CAC +0.01%, Nikkei +0.33%, Shanghai -0.79%.
Gold prices are up $11 or
0.9%, currently trading at $1,195 an ounce. WTI Crude Oil is
up 2.4% currently trading at $52.60 a barrel.