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HiFX Morning Update, April 11, 2018

HiFX Morning Update, April 11, 2018

The NZDUSD opens at 0.7373 (mid-rate) this morning.

Risk appetite improves as trade war concerns ease following comments from Chinese president Xi Jinping.

Late yesterday afternoon Chinese president Xi Jinping promised to open China’s economy further and lower import tariffs on products including cars fuelling optimism that a trade war between China and the US could be averted. Global equity markets along with commodity based currencies have rallied strongly on the news.

Producer prices in the U.S. for the month of March exceeded expectations with the Labour Department report showing the index rose by 0.3% after inching up by 0.2% in February. Economists had expected producer prices to edge up by 0.1 percent. A 2.2% rise in food prices was largely cancelled out by a 2.1% fall in energy prices.

Comments from ECB Governing Council member Ewald Nowotny saw the EUR strengthen against the majors. Mr Nowotny said that the central bank's asset purchase program would exit this year enabling the ECB to gradually hike the deposit rate. Mr Nowotny went on to say that it was too early to tell when the rate hike would be implemented.

Oil prices continue to surge higher with Saudi Arabia rumoured to be targeting oil prices at $80 a barrel in an effort to boost the valuation of its oil giant Aramco ahead of its IPO.

With little in the way of economic data during our trading day, investors will look to tonight’s US inflation report and tomorrow mornings FOMC meeting minutes for direction.

Global equity markets have started the week on the front foot - Dow +1.44%, S&P 500 +1.58%, FTSE +0.15%, DAX +0.17%, CAC +0.10%, Nikkei +0.51%, Shanghai +0.23%.

Gold prices have edged higher, up 0.3% trading at $1,336 an ounce. WTI Crude Oil prices have surged higher, up 2.3% trading at $63.53 a barrel.


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