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HiFX morning Update, February 21 2019

NZDUSD 0.6875 -0.1%
NZDEUR 0.6049 -0.3%
NZDGBP 0.5258 -0.2%
NZDJPY 76.07 0.0%
NZDAUD 0.9579 -0.2%
NZDCAD 0.9045 -0.5%
GBPNZD 1.9019 0.2%

Investors remain cautious as trade talks between China and the US continue and as such both currency and equity markets have lacked direction and traded tight ranges so far this week.

This morning investors will look to the release of the Minutes of the Federal Open Market Committee (FOMC) January meeting for guidance. Following the Fed’s dovish tone investors will look for more details on the Fed’s plan for reducing the $4 trillion in bonds on their balance sheet as well as clues as to whether FOMC voting members see the rate hike cycle as essentially complete or if they still expect further rate hikes later in the year.

Today UK Prime Minister Theresa May is scheduled to meet with EU Commission chief Jean-Claude Juncker in Brussels for further “Brexit” negotiations amid turmoil within her own government after 3 conservative MP’s defected to the new pro remain Independent Group.

The EUR is down against the majors after the ECB’s chief economist Peter Praet suggested that a new round of Targeted Long-Term Refinancing Operation could be discussed as early as the March meeting. Mr Praet indicated that "the discussion will come very soon in the Governing Council," although it is unlikely that any decisions will be made at that time.

Global equity markets are inching higher, - Dow +0.05, S&P 500 +0.11, FTSE +0.69%, DAX +0.82%, CAC +0.69%, Nikkei +0.60%, Shanghai +0.20%.

Gold prices are marginally higher, up 0.3% at $1,344 an ounce. WTI Crude Oil prices are up 1.7% trading at $57.29 a barrel.


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