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Morning Report: NZDUSD opens at 0.6919 (mid-rate)
The NZDUSD opens at 0.6919 (mid-rate) this morning.
News that Italy’s populist parties have failed to form a government has seen the EUR gap higher on the open this morning. Late last night Italy’s president Sergio Mattarella vetoed Giuseppe Conte’s attempt to form Western Europe’s first populist government and there are now suggestions that he could appoint a caretaker government until new elections can be held.
Speculation that Saudi Arabia and Russia may be about to back out of their supply quota deal saw oil prices plummet 4% on Friday. Saudi's Energy Minister Khalid Al-Falih speaking at conference in Russia said that OPEC and its partners were considering ending their self-imposed supply cuts later this year, and that there is likely to be a gradual oil supply boost in the second half of 2018.
US durable goods orders fell 1.7% in April, the fall was greater than expected with economists forecasting orders to decline by 1.4%. The disappointing result was driven by a sharp fall in transportation equipment which plummeted by 6.1%. Core durable goods orders which are more closely monitored by Fed increased by 0.9% in April well ahead of the expected 0.5% gain.
The GBP slopped lower on Friday with the Office for National Statistics reporting the economy expanded at a weaker pace in Q1. The report showed GDP grew 0.1% in Q1 following a 0.4% expansion in Q4.
After falling for five consecutive months Germany’s business confidence index recorded a reading of 102.2 in May, unchanged from an upwardly revised April reading. April’s reading was originally reported at 102.1.
Global equity markets closed out the week mixed, - Dow -0.24%, S&P 500 -0.23%, FTSE +0.18%, DAX +0.65%, CAC -0.11%, Nikkei +0.06%, Shanghai -0.42%.
Gold prices edged higher on Friday up 0.2%, closing out the week at $1,301 an ounce. WTI Crude Oil prices tumbled on Friday, down 4.1% to close out the week at $67.78 a barrel, for a weekly loss of 5.2% on the week.
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