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HiFX morning Update June 19 2018
The NZDUSD opens at 0.6932 (mid-rate) this morning.
The NZD is little changed from yesterday’s open amid subdued trading action as investors assess the potential impact of rising trade tensions between the US and China.
Global equity markets have slipped lower with European markets among the worst performers as German Chancellor Angela Merkel's leadership comes into question over migrant issues. Yesterday Merkel was given a two-week time limit by her Interior Minister, Horst Seehofer to convince European delegates to revamp their current migration plan or he will push for Germany to implement border restrictions.
Earlier this morning the British Chambers of Commerce downwardly revised its UK growth forecasts for both 2018 and 2019 blaming a "lacklustre outlook" for consumer spending, business investment and trade. GDP growth for 2018 is now expected to hit 1.3% down from 1.45 while 2019 growth is now forecast to sit at 1.4%, down from the previous forecast of 1.5%.
Home builder confidence in the US slipped lower with the NAHB/Wells Fargo Housing Market Index (HMI) falling 2 points to 68 in June. A sharp rise in lumber prices is the main catalyst for the fall.
The only data of note during our trading day is the Westpac Consumer Sentiment report and the RBA meeting minutes neither of which are expected to have much impact on our currency.
Global equity markets continue to slip lower- Dow -0.47%, S&P 500 -0.23%, FTSE -0.03%, DAX -1.36%, CAC -0.93%, Nikkei -0.75%, Shanghai -0.73%.
Gold prices are unchanged trading at $1,279 an ounce. WTI Crude Oil prices have pushed higher, up 1.1% trading at $65.76 a barrel.
ends
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