Scoop has an Ethical Paywall
HiFX morning Update July 23 2018
The NZDUSD opens at 0.6791(mid-rate) this morning.
The USD continued to slide throughout Friday’s trading session following Trump’s comments that the Federal Reserve's plan to gradually raise interest rates could hurt recent economic progress. Late on Friday Trump tweeted "The United States should not be penalized because we are doing so well,” and that "tightening now hurts all that we have done," which led to a fresh round of USD selling.
Adding fuel to the fire, St. Louis Fed President James
Bullard commented that the Fed should delay further rate
hikes. Bullard remarked that the US is facing
Imminent
yield curve inversion which is a naturally bearish signal
for the economy.
The Canadian dollar received a
boost on Friday with both consumer inflation for June and
retail sales for May printing ahead of expectations. Data
from Statistics Canada showed
CPI for the month of June
inched up by 0.1% (exp unchanged) while retail sales
increased by 2% in May following a 1.2% fall in April.
Economists had forecast sales to rise by 1%.
Germany's producer prices increased at the fastest pace in 9-months in June, growing at 3% y/y and faster than the 2.7% increase recorded in May.
There is very little in the way of local data releases over the coming week, with the ECB monetary policy statement on Thursday night along with Friday’s US GDP data releases the pick of the offshore drivers.
Global equity markets were mixed on Friday, - Dow -0.03%, S&P 500 -0.09%, FTSE -0.07%, DAX -0.98%, CAC -0.35%, Nikkei -0.29%, Shanghai +2.05%.
Gold prices edged higher on Friday up 0.7% closing out the week at $1,231 an ounce. WTI Crude Oil prices fell 2% on Friday, to close out the week at $66.64 a barrel.
ends
HiFX
International Payments Expertly Done
HiFX is one of the largest foreign exchange and international payment specialists in the world, managing over $30 billion on behalf of over 100,000 clients worldwide every year.
Large enough to undertake the biggest transactions, yet small enough to care about each and every one – send and receive overseas payments and manage your account anytime, anywhere. HiFX gives you the flexibility you need to transfer money quickly and easily via a secure online platform 24 hours a day, seven days a week - making moving money as easy as 1,2,3.
HiFX Ltd ABN 54 106 779 953/ AFSL No 240914
John Mazenier: Gaffer Tape And Glue Delivering New Zealand’s Mission Critical Services
Earthquake Commission: Ivan Skinner Award Winner Inspired By Real-life Earthquake Experience
Reserve Bank: Consultation Opens On A Digital Currency For New Zealand
NIWA: Ship Anchors May Cause Extensive And Long-lasting Damage To The Seafloor, According To New Research
New Zealand Customs Service: A Step Forward For Simpler Trade Between New Zealand And Singapore
Horizon Research: 68% Say Make Banks Offer Fraud Protection
