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HiFX Morning Update, June 20 2017
HiFX Morning Update, June 20 2017
The NZDUSD opens at
0.7228 (mid-rate) this morning.
Overnight, hawkish
comments from New York Fed President William Dudley has led
to USD rally. With very little in the way of economic data
releases investors focused on Fed President Dudley’s
address to the North Country Chamber of Commerce, in
Plattsburgh, where Dudley reiterated Yellen’s comments
from last Thursday. Dudley stated “We are pretty close to
full employment. Inflation is a little lower than what we
would like, but we think that if the labour market continues
to tighten, wages will gradually pick up and with that,
inflation will gradually get back to 2 percent." The USD
immediately strengthened against all its rivals following
Dudley’s comments. Later this morning Chicago Federal
Reserve President Charles Evans is expected to continue talk
up the economy when speaking at the New York University
Money Marketeers event.
Yesterday U.K. Brexit Secretary David Davis, met with Chief EU negotiator Michael Barnier in Brussels to begin Brexit negotiations. The UK have until 29th March 2019 to negotiate the terms of their departure from the European Union.
This afternoon the release of the RBA monetary policy meeting minutes should dictate direction for the NZDAUD cross rate while overnight tonight, the latest global dairy trade auction will be the main NZD driver ahead of Thursday’s RBNZ rate statement.
Global equity markets have had a positive start to the week - Dow +0.54%, S&P 500 +0.71%, FTSE +0.81%, DAX +1.07%, CAC +0.90%, Nikkei +0.62%, Shanghai +0.68%
Gold prices have pulled back currently down 0.6% at $1,245 an ounce. .WTI Crude Oil prices have started the week on the back foot, currently down 0.7% at $44.44 a barrel.
ends
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