HiFX Morning Update, October 2, 2017

HiFX Morning Update, October 2, 2017

The NZDUSD opens
at 0.7203 (mid-rate) this morning.

A quiet end to
the quarter saw the NZD trade tight ranges against all its
rivals. The NZDUSD closed out the week just above 0.7200
down nearly 2% since the September 24th election.

Friday’s US economic data releases which were once
again mixed, had little effect on dollar. Stronger than
expected Chicago PMI data was countered by disappointing
personal consumption expenditures (PCE) and consumer
sentiment reports. The Chicago business barometer spiked to
65.2 in September from 58.9 in August surprising economists
who had tipped the index to dip to 58.5. The PCE index which
had been forecast to rise to 0.2 in September up from 0.1 in
August, came up short with a 0.1 reading, while consumer
sentiment deteriorated by slightly more than previously
estimated in September with the index falling to 95.1 from
the preliminary reading of 95.3.

End of month
European data releases disappointed with German retail sales
and European flash inflation data releases printing below
their respective forecasts. German retail sales decreased by
0.4% (exp +0.5%) in August, while Euro-zone inflation
remained at 1.5% in September. Economists had expected
inflation to edge up to 1.6%.

The UK gross domestic
product expanded in line with forecasts, growing 0.3% in Q2
while consumer confidence in the UK showed a slight
improvement with the index reading -9 for September ahead of
the forecast -11 reading and up from August’s -10

Expect a quiet start with the majority of
Australia enjoying a long weekend, and an absence of any
local economic data releases.

Global equity markets
closed out the week on the rise – Dow +0.11%, S&P 500
+0.37%, FTSE +0.68%, DAX +0.98%, CAC +0.68%, Nikkei -0.03%,
Shanghai +0.28%.

Gold prices edged lower on Friday
closing out the week at $1,279 an ounce, WTI Crude Oil was
little changed on Friday, closing out the week at $51.67 a


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