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HiFX Morning Update, September 30 2016

HiFX Morning Update, September 30 2016

NZDUSD 0.7252 -0.4%
NZDEUR 0.6465 -0.3%
NZDGBP 0.5591 0.1%
NZDJPY 73.25 -0.1%
NZDAUD 0.9495 0.3%
NZDCAD 0.9535 -0.1

The NZDUSD opens at 0.7252 (mid-rate) this morning.

The big winner over the past 24hrs has been the USD on the back of better-than-expected economic data and risk aversion.

An upward revision to the US second quarter GDP and stronger than expected weekly jobs claims has seen the USD outperform all its major rivals. Q2 GDP rose 1.4% up 0.3% from the previously reported 1.1% increase. Weekly jobless claims rose by less than expected in the week ended September 24th, with economists expecting jobless claims to rise to 260k from 251k during the previous week, the actual 254k print helped push the USD higher.

Risk aversion is back on mounting concerns surrounding Deutsche Bank, with the German lender’s share pricing trading at record lows. Since it was announced 2 weeks ago that the US Justice Department is seeking a $14bn settlement Deutsche Bank’s share price has plummeted down another 6% over the past 24hrs.

Oil prices are higher after OPEC agreed to scale back production by between 700k and 750k barrels a day

Global equity markets remain mixed - Dow -1.11%, S&P 500 -0.81%, FTSE +1.64%, DAX +0.43%, CAC +1.03%, Nikkei +1.39%, Shanghai +0.36%.

Gold prices are little changed currently trading at $1,323 an ounce, WTI Crude Oil surged higher overnight currently up 4.4% trading at $47.83 a barrel


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