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

 

HiFX Morning Update, March 19 2018

HiFX Morning Update, March 19 2018


The NZDUSD opens at 0.7215 (mid-rate) this morning.

The NZD along with the AUD continues to underperform with ongoing concerns over US trade policy weighing on sentiment.

On Friday an unexpected downward revision to Euro-zone inflation will make it very difficult for the ECB to end its bond-buying program and raise its interest rate. The data release showed inflation for the month of February at 1.1% down from an earlier estimate of 1.2% and well below the ECB’s goal of just under 2%.

US consumer sentiment and industrial production both printed ahead of expectations countering a very poor housing starts data release. The University of Michigan preliminary consumer sentiment report for March has the index at 102.0 up from February’s final reading of 99.7 and well ahead of the expected 99.3 reading. US industrial production for February surged 1.1% following a downwardly revised 0.3% fall in January. Economists had expected production to increase by 0.3%. Countering these better than expected data releases was an unexpected sharp pullback in new residential construction during February, with the Commerce Department report showing housing starts fell by 2.7% from January’s final reading.

The week ahead will be dominated by Thursday’s FOMC meeting with new Federal Reserve Chairman Jerome Powell widely expected to raise its benchmark interest rate. As of this morning the market is pricing in 95% of an expected 0.25% hike.


Global equity markets closed out the week mixed, - Dow +0.29%, S&P 500 +0.17%, FTSE +0.34%, DAX -0.07%, CAC +0.36%, Nikkei -0.58%, Shanghai -0.65%.

Gold prices edged lower on Friday, down 0.4% closing out the week at $1,313 an ounce, WTI Crude Oil prices pushed higher on Friday, up 1.9%, on the day to close out the week back above $62.00 a barrel.


ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>

ALSO:

Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>

Environment Commissioner: Transparent Overseer Needed To Regulate Water Quality

Overseer was originally developed as a farm management tool to calculate nutrient loss but is increasingly being used by councils in regulation... “Confidence in Overseer can only be improved by opening up its workings to greater scrutiny.” More>>

ALSO:

Deal Now Reached: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>

ALSO: