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HiFX Morning Update October 5 2016

HiFX Morning Update October 5 2016

NZDUSD 0.7212 -0.7%
NZDEUR 0.6439 -0.6%
NZDGBP 0.5665 0.1%
NZDJPY 74.14 0.3%
NZDAUD 0.9465 -0.1%
NZDCAD 0.9521 -0.1


The NZDUSD opens at 0.7212 (mid-rate) this morning.

The NZDUSD has retreated from yesterday’s high of 0.7305 following a disappointing Global Dairy Trade auction and further hawkish comments from Fed officials.

The latest GDT auction held overnight declined 3% following a 1.7% increase at the previous auction a fortnight ago. Following four consecutive gains whole milk powder declined by 3.8% its steepest fall in the current 2016/17 season. This latest downturn will no doubt have dealt a blow to Fonterra’s forecast payout, which following the previous auction was increased from NZ$4.75 per kg to NZ$5.25 per kg.

Overnight several Federal Reserve officials including non-voting representatives Jeffrey Lacker and Loretta Mester admitted they would have voted to raise rates in September adding to the case for a hike at the next meeting in November.

Global equity markets remain mixed - Dow -0.59%, S&P 500 -0.54%, FTSE +1.30%, DAX +1.03%, CAC +1.11%, Nikkei +0.83%, Shanghai +0.21%.

Gold prices are down 3% from yesterday currently trading at $1,273 an ounce, WTI Crude Oil continues to rise up 0.6% overnight currently trading at $48.94 a barrel
ends

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