XE Morning Update

The NZDUSD opens at 0.6606 (mid-rate) this morning.

Market volatility continues to wane and with the US closed for Martin Luther King day it’s been a predictably slow start to our trading week.

There has been little reaction to the latest International Monetary Fund, World Economic Outlook in which the IMF downwardly revised its global growth estimate for 2020 by 0.1% to 3.3% compared to the prior report released in October. It also lowered the 2021 forecast to 3.4% from 3.6%.

In the only economic data of note during our trading day the Bank of Japan are widely expected to keep their monetary policy unchanged at this afternoon’s meeting.

Overnight the last dairy trade auction is again expected to show an uptick in prices following on from a 2.8% increase on the 7th Jan.

Global equity markets are mixed, - Dow Closed, S&P 500 Closed, FTSE -0.30%, DAX +0.17%, CAC -0.36%, Nikkei +0.18%, Shanghai +0.66%

Gold prices are little changed at $1,565 an ounce. WTI Crude Oil prices have inched higher, up 0.2% trading at 58.71 a barrel.

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