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HiFX Morning Update, May 23 2018
The NZDUSD opens at 0.6932 (mid-rate) this morning.
Currency markets have consolidated with a lack of economic data keeping investors on the side lines.
Commodity-linked currencies pushed higher yesterday afternoon but have since retraced the move after China announced it was reducing tariffs on imported cars from 25% to 13.8%. The reductions will take effect on July 1st with German and Japanese car manufacturers set to benefit the most.
The British Pound strengthened after the Bank of England Governor Mark Carney said interest rates are set to rise at a gentle pace and the slowdown seen in the first quarter was temporary. His comments were echoed by BoE policy maker Gertjan Vlieghe who said interest rates are likely to rise by 25 to 50 basis points every year over a three-year forecast period, bringing policy rate closer to neutral.
The UK Office for National Statistics reported the UK budget deficit narrowed in April with public sector net borrowing, excluding public sector banks, decreasing by GBP 1.6b to GBP 7.8b. this is the lowest net borrowing in 10yrs.
With very little in the way of economic data during our trading day investors are likely to await tonight’s UK inflation report along with tomorrow morning’s FOMC meeting minutes before adding to their positions.
Global equity are mixed- Dow -0.27%, S&P 500 -0.01%, FTSE +0.23%, DAX +0.71%, CAC +0.05%, Nikkei -0.18%, Shanghai +0.02%.
Gold prices are unchanged
trading at $1,292 an ounce. WTI Crude Oil prices are holding
steady trading at $72.24 a barrel.
ends
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