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HiFX Morning Update, February 22 2018
HiFX Morning Update, February 22 2018
The NZDUSD opens at 0.7344 (mid-rate) this morning.
The NZD is little changed against the majority of its rivals ahead of this morning’s FOMC meeting minutes.
The AUD is the worst performing of the G10 currencies, falling late yesterday afternoon following the release of their wage growth report. The headline number of a 0.6% increase was slightly ahead of the expected 0.5% rise, and equates to a 2.1% increase in wages in Q4, however private sector wage growth only increased by 1.9% compared to a 2.45 increase in the public sector and is struggling to keep pace with inflation.
As expected Euro-zone PMI data remains strong and although both the composite output index, and the purchasing managers' index fell just shy of their forecast readings they continue to expand at a solid pace.
The overnight US data sent mixed signals to investors with both manufacturing and services PMI data releases printing ahead of estimates while existing home sales in January surprised economists, falling 3.2% to an annual rate of 5.38m from a downwardly revised 5.56m in December. Economists had expected sales to increase to 5.61m from December’s previously reported 5.57m.
Global equity markets are broadly higher - Dow +0.38%, S&P 500 +0.58%, FTSE +0.48%, DAX -0.14%, CAC +0.23%, Nikkei +0.21%, Shanghai Closed.
Gold prices are down 0.5% trading at $1,326 an ounce. WTI Crude Oil prices have fallen further, currently down 1.3% trading at $61.37 a barrel.
ends
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