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HiFX Morning Update, September 20 2017
HiFX Morning Update, September 20 2017
The NZDUSD
opens at 0.7318 (mid-rate) this morning.
A second consecutive increase in dairy prices at this morning’s auction has helped the NZD outperform all its rivals. Following on from an increase of 0.3% at the 5th Sep auction this morning’s auction saw prices increase by 0.9%. Whole milk powder (WMP) prices increased by 0.6% to an average price of US$3,122/MT.
Overnight US economic data releases sent mixed messages to investors with housing starts unexpectedly decreasing during the month of August while building permits (a future demand indicator) surged by 5.7% to a rate of 1.3M in August up from 1.23M in July.
German economic sentiment increased notably in September with the ZEW indicator rising 7 points to 17 well ahead of the forecast score of 13. The indicator had a final reading of 10 for the month of August.
This morning’s current account data release is likely to have little effect on the currency as investors await tomorrow morning’s FOMC statement due for release at 6:00am.
Global equity markets have edged higher - Dow +0.22%, S&P 500 +0.11%, FTSE +0.30%, DAX +0.02%, CAC Closed, Nikkei +1.96%, Shanghai -0.18%.
Gold prices are little changed trading at $1,309 an ounce. .WTI Crude Oil prices have given back yesterday’s gains, currently down 1.1% at $49.48 a barrel.
ends
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