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HiFX morning Update, March 21, 2019

NZDUSD 0.6909 0.8%
NZDEUR 0.6041 0.0%
NZDGBP 0.5219 1.0%
NZDJPY 76.55 0.2%
NZDAUD 0.9675 0.1%
NZDCAD 0.9165 0.4%
GBPNZD 1.9161 -1.0%

The NZDUSD opens at 0.6909 (mid-rate) this morning.

The USD is firmly on the back foot following this morning’s “dovish FOMC statement.”

The Federal Reserve kept rates unchanged at this morning’s meeting but downwardly revised both their interest rate and economic growth forecasts. The Fed’s dot plot which forecasts where they see where they see interest rates over the next 3-years, and which last showed policy makers expected 2 hikes during 2019 with another to follow in 2020 is now forecasting interest rates to remain on hold during 2019 with a single hike still on the table in 2020.

The Fed also revised lower its GDP and PCE inflation forecasts for 2019, with GDP growth now expected to run at 2.1% (down from 2.3% last December) and PCE inflation now expected to run at 1.8% (down from 1.9% last December).

Brexit uncertainty continues to weigh on the GBP, overnight European Council President Donald Tusk said the EU will only agree to delay Brexit till the 30th June if the UK's Parliament approves British Prime Minister Theresa May's current exit plan. Mr Tusk’s comments came after Mrs May announced to parliament that her government was not prepared to delay Brexit any further than the 30th of June and wrote to Mr Tusk asking for the 3-month delay.

This morning’s Q4 GDP report is expected forecast to have increased by 0.6% following on from Q3’s disappointing 0.3% print.

Global equity markets are mixed, - Dow -0.15, S&P 500 +0.15, FTSE -0.45%, DAX -1.57%, CAC -0.80%, Nikkei +0.20%, Shanghai -0.01%.

Gold prices are edging lower, down 0.4% trading at $1,301 an ounce. WTI Crude Oil prices are once again higher overnight, up 0.8% trading at $59.68 a barrel.


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