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HiFX morning Update, November1, 2018

NZDUSD 0.6519 -0.5%
NZDEUR 0.5761 -0.2%
NZDGBP 0.5108 -1.0%
NZDJPY 73.66 -0.4%
NZDAUD 0.9218 -0.1%
NZDCAD 0.8583 -0.3%
GBPNZD 1.9577 1.0%

The NZDUSD opens at 0.6519 (mid-rate) this morning.

Positive corporate earnings reports from some of the UK, Euro-zone, and US blue chip companies have seen Global equity markets rally strongly into the month end.

US equity markets along with the USD are also benefitting from better-than-expected private sector job growth. This morning’s ADP private sector job report showed private employment spiked by 227k jobs in October well ahead of the expected 189k jobs increase. The jump in employment represents the largest monthly increase since February and far outweighs the revision to Septembers result which was downwardly revised to 218k jobs from the previously reported 230k increase in jobs.

Euro-zone inflation rose in line with expectations in October with the Eurostat report revealing Inflation rose to 2.2% in October from 2.1% in September. The result was largly driven by rising energy prices.

The British pound is the strongest performing G10 currency, rallying into the European close after UK Brexit Secretary Dominic Raab announced that negotiators weren’t far from a deal and that he “would be happy to give evidence to the Committee when a deal is finalised and currently expect 21 November to be suitable.”

Overnight the Bank of England are expected to vote unanimously to keep interest rates on hold as they await a Brexit agreement and investors will be more interested in the release of the quarterly Inflation Report and its updated forecasts.

Global equity markets are rebounding strongly, - Dow +1.35%, S&P 500 +1.75%, FTSE +1.45%, DAX +1.42%, CAC +2.13%, Nikkei +2.16%, Shanghai +1.35%.

Gold prices are down 0.7% trading at $1,214 an ounce. WTI Crude Oil have prices are little changed, trading at $66.25 a barrel.


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