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HiFX Morning Update, May 23 2017
HiFX Morning Update, May 23 2017
The NZDUSD opens at
0.6991 (mid-rate) this morning.
The NZD has started the week as the strongest of the G10 currencies having outperformed all of its rivals. Late yesterday the NZD broke up through its 0.6950 resistant level against the USD and has since raced higher. Fundamentally there has been no new economic data driving this move although technicals would suggest the move higher was overdue.
Overnight comments made by German Chancellor Angela Merkel about the EUR has seen the EUR add to its recent gains against the USD. Merkel was quoted as saying the single market currency is “too weak” and blamed the European Central bank (ECB) for the record German trade surplus. The comments will add to the pressure already on ECB President Mario Draghi to tighten monetary policy.
Once again there is very little in the way of economic data releases during our trading day and investors will monitor speeches from two of the FOMC voting members, Lael Brainard and Charles Evans who are both expected to continue to back future rate hikes in line with Janet Yellen’s forecast of four hikes in 2017.
Global equity markets are mixed - Dow +0.46%, S&P 500 +0.46%, FTSE +0.34%, DAX -0.15%, CAC -0.03%, Nikkei +0.46% Shanghai -0.48%.
Gold prices continue to edge higher currently up 0.5% trading at $1,261 an ounce .WTI Crude Oil prices are still moving upward, extending their recent gains by 0.7% to be currently trading at $50.70 a barrel.
ends
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