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HiFX Morning Update, June 3 2017
HiFX Morning Update, June 3 2017
The NZDUSD opens at 0.7321 (mid-rate) this morning.
The NZDUSD continued to rally late on Friday closing out the quarter at 0.7333 its highest level since early February this year. The NZD was helped higher on Friday afternoon by stronger than expected manufacturing PMI out of China, with the index rising from 51.2 to 51.7. Economists had expected the index to edge down to 51.0.
Friday’s US economic data releases came in ahead of expectations with the Chicago PMI leading the way. With personal income and consumer sentiment printing slightly stronger 0.4 Vs 0.3 and 95.1 Vs 94.5 respectively it was the Chicago PMI that really stood out with the index surging to 65.7 from 59.4 during June. Economists had forecast the index to pull back to 58.1.
The UK’s Q1 GDP was confirmed at 0.2% while consumer confidence in the United Kingdom plummeted to -10 in June after falling to -5 in May. Economists had expected a reading of -7.
On the local front tomorrows business confidence and Wednesday mornings GDT auction are the only economic data releases of note while internationally Thursday morning’s FOMC meeting minutes and the weekends US employment data are likely to take centre stage.
Global equity markets closed out the week mixed - Dow +0.29%, S&P 500 +0.15%, FTSE -0.51%, DAX -0.73%, CAC -0.65%, Nikkei -0.92%, Shanghai +0.14%.
Gold prices fell 2.6% during the month of June closing out the quarter at $1,241 an ounce. .WTI Crude Oil rallied strongly on Friday gaining 2.5% and closing out the quarter just above $46 a barrel
ends
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