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


HiFX Morning Update, September 29 2017

HiFX Morning Update, September 29 2017

The NZDUSD opens at 0.7233 (mid-rate) this morning.

The NZD finishes the week down 96 points or 1.3% from Monday’s open, but is relatively unchanged with the majors overnight.

The Reserve Bank of New Zealand yesterday morning kept the Official Cash Rate unchanged at 1.75% and reiterated the view that monetary policy would remain accommodative for a considerable period.

Excellent German Consumer Sentiment will not continue unabated in September. GfK consumer climate for October fell to 10.8 points, the first drop since March, but still near record highs. Both income expectations and propensity to buy decreased. On the other hand, economic expectations increased slightly.

U.S. Real Gross Domestic Product (GDP) increased at an annual rate of 3.1% in the Q2 of 2017 and by 1.2% in Q1 2017 according to the "third" estimate released by the Bureau of Economic Analysis.

In the week ending September 23, the advance figure for U.S. Seasonally Adjusted Initial Claims was 272,000, an increase of 12,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 259,000 to 260,000. The 4-week moving average was 277,750 which is the highest level for this average since February 6, 2016 when it was also at 277,750. Hurricanes Harvey and Irma impacted this week's claims.

U.S. Preliminary Wholesale Inventories rose to 1.0% in September compared with a 0.6% rise in August. Market expectation was for a 0.4% rise. When inventories rise companies are less likely to purchase goods to replenish stock and therefore rising inventories is negative for the currency.

Global equity markets are higher except China: Dow +0.22%, S&P 500 +0.13%, FTSE +0.13%, DAX +0.37%, CAC +0.22%, Nikkei +0.47%, Shanghai -0.17%.

Gold prices are up $3 or 0.2% trading at $1,287 an ounce. WTI Crude Oil prices plunged 1.3% trading at $51.45 a barrel.


© Scoop Media

Business Headlines | Sci-Tech Headlines


TradeMe: Supply Sees Biggest Jump On Record While Prices Continue To Slump

The number of properties for sale across the country saw the biggest year-on-year jump ever in July, while prices continued to drop according to the latest Trade Me Property Price Index... More>>

Reserve Bank: Ongoing Monetary Tightening
The Monetary Policy Committee today increased the Official Cash Rate (OCR) to 3 percent from 2.5 percent. The Committee agreed it remains appropriate to continue to tighten monetary conditions... More>>

Statistics: Weekly Earnings Rise As More In Full-time Employment

Median weekly earnings from wages and salaries rose by 8.8 percent to $1,189 in the year to the June 2022 quarter, Stats NZ said today... More>>

Electricity Authority: Imposes Interim Restrictions On Very Large Electricity Contracts

Consumers of electricity will be protected from potentially paying more than they should due to the impact of very large electricity contracts on wholesale prices, under urgent changes announced today by the Electricity Authority... More>>

Westpac: Economic Overview, August 2022 – Pushing Through

The New Zealand economy faces some lean growth in the year ahead as households’ budgets are squeezed, according to Westpac’s latest Economic Overview... More>>

Kiwi Group Holdings: Fisher Funds Acquires Kiwi Wealth Business

Kiwi Group Holdings Limited (KGHL) today announced the sale of Kiwi Wealth to Fisher Funds for NZ$310 million... More>>