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


HiFX Morning Update, July 20 2017

HiFX Morning Update, July 20 2017

NZDUSD 0.7355 0.0%
NZDEUR 0.6387 0.4%
NZDGBP 0.5649 0.2%
NZDJPY 82.29 -0.1%
NZDAUD 0.9247 -0.4%
NZDCAD 0.9264 -0.2%
GBPNZD 1.7702 -0.2%

The NZDUSD opens at 0.7355 (mid-rate) this morning.

Currencies have traded tight ranges over the past 24hrs with the USD continuing to underperform. Investors have sat on the side lines ahead of today’s monetary policy statements from the Bank of Japan and the European Central Bank.

Some economists now believe the BOJ could be about to discard their controversial 2% inflation target and extend their easing programme beyond 2019. Despite very low unemployment and improving confidence inflation remains well below their 2% target.

With the ECB about to break for summer holidays most economists believe the Central bank will hold steady this week and wait for till their September meeting before announcing roadmap toward winding down its easing measures. Since Mario Draghi's speech in Sintra where he spoke of the possibility of “tapering” the ECB have tried dampen those expectations in an effort to prevent an unwanted tightening of monetary conditions.

A shock fall in domestic crude supplies has seen oil prices rise by 2% over the past 24hrs. This morning the Energy Information Administration announced US oil inventories fell by 4.7 million barrels for the week ended July 14. The fall was far greater than the expected 3.6M barrel decline.

Global equity markets have turned positive reversing yesterday’s fall - Dow +0.2%, S&P 500 +0.43%, FTSE +0.55%, DAX +0.17%, CAC +0.83%, Nikkei +1.0%, Shanghai +1.36%.

Gold prices have edged lower, down 0.2% trading at $1,241 an ounce .WTI Crude Oil prices have pushed higher, up 2.0% at $47.20 a barrel.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Crown Accounts: Slightly Softer Growth Expected In PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. More>>


Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>


Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>