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


HiFX Morning Update, October 13, 2017

HiFX Morning Update, October 13, 2017

The NZDUSD opens at 0.7144 (mid-rate) this morning.

The Kiwi is the strongest performer of the majors overnight as there was a delayed reaction to yesterday morning’s FOMC Meeting Minutes. After trading very marginally higher yesterday the NZD rallied strongly overnight in the US session to a new week high of 0.7146. This week’s NZDUSD range has been a narrow 92 points or 1.3% and the least volatile week in 4 months.

European Central Bank (ECB) President Mario Draghi spoke overnight saying the ECB's negative-rate policy has been a success. ECB sees some progress on wages but not enough and the ECB will be looking very intensely at labour market and wages.

European Union’s Head of Service and Chief negotiator for the 27 EU countries Michel Barnier woke the GBP from its slumber suggesting the EU may offer the UK a 2 year transition to stay in the EU market with the offer tied to UK meeting its exit obligations to the EU. The GBP/USD traded a 1.26% or 169 point range overnight as a result with the NZDGBP finishing 0.5% higher

In the week ending October 7, the advance figure for seasonally adjusted initial claims was 243,000, a decrease of 15,000 from the previous week's revised level. The previous week's level was revised down by 2,000 from 260,000 to 258,000. The 4-week moving average was 257,500. A Labor Department official said Hurricane Harvey and Irma along with Maria affected claims for Texas, Florida, South Carolina, Puerto Rico.

U.S. Producer Prices rose in September as the price of gasoline recorded its biggest increase in more than two years amid production disruptions at oil refineries in Texas caused by Hurricane Harvey. The Labor Department said its PPI for final demand increased 0.4% last month after rising 0.2% in August. In the 12 months through September, the PPI jumped 2.6 percent. That was the biggest gain since February 2012. Core PPI was also 0.4% from 0.1% in September and better than the 0.2% expected.

US Crude Oil Inventories were -2.7 million ahead of -1.9 million expected and -6.0 million the previous week.

Global equity markets remain mixed: Dow -0.08%, S&P 500 -0.05%, FTSE +0.30%, DAX +0.09%, CAC -0.03%, Nikkei +0.35, Shanghai -0.06%.

Gold prices have rallied 0.6% or $8 currently trading at $1,294 an ounce. WTI Crude Oil prices have slid 1.1% lower overnight currently trading at $50.69 a barrel.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Statistics: Retail Card Spending Down 0.2 Percent In July
Retail card spending fell $11 million (0.2 percent) between June 2022 and July 2022, when adjusted for seasonal effects, Stats NZ said today... More>>

Barfoot & Thompson: Auckland Rental Prices Inch Up Again, But Upward Trend Could Ease In Coming Months

Data from nearly 16,000 rental properties managed by real estate agency Barfoot & Thompson shows Auckland’s average weekly rent rose by $6.12 (or 1 percent) during the second quarter... More>>

ComCom: Draft Report Says Regulatory System Favours Established Building Products
The Commerce Commission’s draft report into competition in the residential building supplies industry has identified two main factors negatively impacting competition... More>>

Commerce Commission: Draft Determination On News Publishers’ Association’s Collective Bargaining Application
The Commerce Commission (Commission) has reached a preliminary view that it should allow the News Publishers’ Association of New Zealand (NPA) to collectively negotiate with Meta and Google... More>>

Heartland: Retirees Facing Pressure From Higher Cost Of Living And Increasing Debt In Retirement

Heartland has seen a significant increase in Reverse Mortgages being used to repay debt. Among the most affected by the increasing living costs are retirees, many of whom are trying to get by on NZ Super alone... More>>

APEC: Region’s Growth To Slow Amid Uncertainties And Crises
Economic growth in the APEC region is expected to slow this year amid soaring inflation, a protracted war in Ukraine and heightened uncertainties, on top of the continuing impact of the pandemic and virus mutations that are draining resources, according to a new report by the APEC Policy Support Unit... More>>