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

 

HiFX Morning Update, November 7 2017

HiFX Morning Update, November 7 2017


The NZDUSD opens at 0.6922 (mid-rate) this morning.

The NZD recovered overnight after initially slipping lower following yesterday’s inflation expectations data release. The survey conducted by the RBNZ for Q4 proved disappointing with the headline forecast edging down from 2.09% to 2.02%.

A lack of tier one economic data has seen currencies trade tight ranges overnight with the EUR the poorest performer of the G10 currencies amid risk aversion brought about by disappointing earnings reports.

Germany's factory orders unexpectedly increased in September with the Destatis report revealing factory orders increased by 1% following August’s 4.1% surge and surprising economists who had forecast orders to decrease by 1.1%. The report revealed that although domestic orders remained the increase was driven once again by offshore demand.

Crude oil prices are now trading at their highest level since July 2015 as Saudi Arabia’s crown prince Mohammed bin Salman continues with his an anti-corruption crackdown arresting a number of royals, ministers, and investors leading to political instability in the region.

The RBA are widely expected to keep interest rates unchanged for the 15th consecutive month at this afternoon’s monetary policy meeting. The Reserve bank will be disappointed with retail spending slipping into negative territory in the September quarter, and are expected to site rising housing debt and a lack of wage inflation as major risks to the economic outlook.

Global equity markets are mixed- Dow +0.02%, S&P 500 +0.05%, FTSE +0.03%, DAX -0.07%, CAC -0.19%, Nikkei +0.04%, Shanghai +0.49%.

Gold prices have retraced Friday’s fall, up 0.9% trading at $1,281 an ounce. WTI Crude Oil prices have continue to surge, up 2.6% overnight currently sitting at $57.11 a barrel.

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Commerce Commission: Vodafone Found Guilty Of Misleading Conduct Over 'FibreX' Service

Vodafone NZ Limited has been found guilty of engaging in conduct that was liable to mislead consumers in relation to its FibreX branded broadband service. In a case brought by the Commerce Commission and heard last year, the Auckland District Court ... More>>


Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>

Tourism Industry Aotearoa: Trans-Tasman Bubble Benefits NZ

More people have entered New Zealand than have left since the opening of the trans-Tasman bubble, says Tourism Industry Aotearoa. Since the first flight from Australia to New Zealand took off from Sydney to Auckland on 19 April, the two-way Tasman travel ... More>>