Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


HiFX Morning Update, December 6, 2017

HiFX Morning Update, December 6, 2017

The NZDUSD opens at 0.6881 (mid-rate) this morning.

The NZD is tracking higher this morning, as is in fact the best performing G10 currency over the past 24 hours.

The NZD rallied yesterday afternoon after interim Reserve Bank Governor Grant Spencer said the central bank is adopting a more flexible approach to inflation and that “It may be appropriate for monetary policy to put relatively more weight on output, employment and financial stability relative to inflation.”

This morning’s Global Dairy Trade (GDT) auction broke its recent downward trend, with the price index nudging up by 0.4% following four consecutive decreases. Whole milk power (WMP) and skimmed milk powder (SMP) prices both improved up 1.7% and 4.7% respectively, while the big surprise was an 11.1% fall in the butter index. Overall volumes were down with 29,514 tonnes selling under the hammer, down from 35,000 tonnes at the previous auction on 21 Nov.

Although Euro-zone private sector growth accelerated in line with expectations, the EUR slipped lower on the news that German services activity slowed more than expected in November. After an initial reading of 54.9 economists had expected the index to fall to 54.7, slightly better than this last night’s final reading of 54.3.

The UK service sector growth in November pulled back from a six month high in October with the index dipping to 53.8, down from 55.6 and below economist’s forecasts of a 55.0 reading.

A larger than expected decrease by the US non-manufacturing index has had little effect on the dollar. This morning the Institute for Supply Management reported the index fell to 57.4 in November, down from 60.1 in October and below the forecast 59.0 reading.

Global equity markets are slightly down - Dow -0.15%, S&P 500 +0.15%, FTSE -0.16%, DAX -0.08%, CAC -0.26%, Nikkei -0.37%, Shanghai -0.18%.

Gold prices are down 0.8% trading at $1,273 an ounce. WTI Crude Oil prices have edged lower, down 0.4%, trading at $57.54 a barrel.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Conservation Win: Mice Eradicated From Antipodes Island

In a world-leading conservation effort, mice have been successfully eradicated from Antipodes Island in the New Zealand Subantarctic, Conservation Minister Eugenie Sage announced today... More>>


Transport Tech: Roadmap To Harness $1.5 Bn Sector

A new Future Technology Leadership Group will help New Zealand harness some of the $1.5 billion a year estimated value to the economy from Intelligent Transport Systems (ITS) as well as the social benefits they create... More>>


Economy: GDP Rises On Strength In Services

The economy, as measured by gross domestic product (GDP), grew 0.6 percent in the December 2017 quarter, Stats NZ said today. Growth was driven by increases in the service industries but was tempered by falls in the primary sector. More>>


Dolphins In Danger: More measures to protect

Fisheries Minister Stuart Nash and Conservation Minister Eugenie Sage are accelerating work to improve protection of the nationally endangered Hector’s dolphin, after five were accidentally killed in a fishing net off Banks Peninsula. More>>


Innovative Partnerships:Govt Launches R&D Programme

Research, Science and Innovation Minister Megan Woods has today formally launched the Innovative Partnership programme which aims to attract future-focused international innovators and firms to undertake R&D and develop their products in New Zealand.... More>>


Planes And Oil: Current Account Deficit Widens To $2.0 Billion

New Zealand's seasonally adjusted current account deficit widened to $2.0 billion in the December 2017 quarter, Stats NZ said today. The $407 million increase in the deficit was mainly driven by New Zealand importing aircraft and other transport equipment, and crude oil. More>>


RMTU: Lyttelton Port Strike

Sticking points now include LPC’s insistence on docking the pay of workers who didn’t take part in strike action last week – because they withdrew the strike notice. “In our view this amounts to an illegal lockout.” More>>


"Licensed To Krill": Greenpeace Report On Antarctic Fishing

A new Greenpeace investigation has exposed the environmental risks of the fast-growing krill industry in one of the most pristine parts of the Antarctic Ocean. More>>