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.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Department Of Conservation: Beech Mast On The Cards After Warm Summer

Climate modelling shows this year’s hot March has increased the chance of beech forest seeding next summer in parts of New Zealand, which could be bad news for native wildlife. The Department of Conservation (DOC) uses data from NIWA’s virtual climate ... More>>

Government: Delivering Lower Card Fees To Business

Commerce and Consumer Affairs Minister David Clark has today announced the Government’s next steps to reduce merchant service fees, that banks charge businesses when customers use a credit or debit card to pay, which is estimated to save New Zealand businesses ... More>>

SEEK NZ Employment Report: April 2021

OVERVIEW OF APRIL 2021: STATE OF THE NATION: April, for the second consecutive month, saw the highest number of jobs ever advertised on seek.co.nz. Applications per job ad fell 9% month-on-month (m/m). SEEK job ads were up by 12% m/m. SEEK job ads were ... More>>

Geo40: Global Plans To Recover Low-Carbon Lithium At Scale Accelerated By Investment Of Up To $7.5m By Pacific Channel

New Zealand’s leading sustainable, mineral-recovery company, Geo40 Limited has secured up to $7.5m in equity investment from New Zealand deep-tech specialist Venture Capital firm Pacific Channel to fast-track plans to develop its nascent lithium-from-geothermal-fluid ... More>>

Stats: Lower Job Security Linked To Lower Life Satisfaction

People who feel their employment is insecure are more likely than other employed people to rate their overall life satisfaction poorly, Stats NZ said today. New survey data from the March 2021 quarter shows that 26 percent of employed people who thought ... More>>

The Conversation: The Outlook For Coral Reefs Remains Grim Unless We Cut Emissions Fast — New Research

A study of 183 coral reefs worldwide quantified the impacts of ocean warming and acidification on reef growth rates. Even under the lowest emissions scenarios, the future of reefs is not bright. More>>