HiFX Morning Update, January 24 2018

Press Release – HiFX

The NZDUSD opens at 0.7343 (mid-rate) this morning. The NZD has continued to push higher overnight posting a new post-election high against the USD and trading back above 0.9200 against the AUD, with a sharp fall in iron ore prices weighing on our …HiFX Morning Update, January 24 2018

The NZDUSD opens at 0.7343 (mid-rate) this morning.

The NZD has continued to push higher overnight posting a new post-election high against the USD and trading back above 0.9200 against the AUD, with a sharp fall in iron ore prices weighing on our cross Tasman rival.

Germany’s economic confidence is sitting at an eight month high with the ZEW Indicator of Economic Sentiment increasing to 20.4 in January well ahead of the 17.7 forecast result. The increase represents a 3 point gain from December’s 17.4 reading but is still short of the long-term average of 23.7.

The UK’s December public sector net borrowing which excludes banks, decreased by GBP 2.5B from the previous year to GBP 2.6B and represents the lowest December net in 17 years. A GBP 1.2B credit from the European Union and higher value-added tax were the main reasons for the result.

Overnight tonight, manufacturing and services data releases out of Europe and the US will dictate direction with tomorrow morning’s quarterly inflation data the key driver for the NZD.

Global equity markets are mixed – Dow -0.11%, S&P 500 +0.12%, FTSE +0.21%, DAX +0.71%, CAC -0.12%, Nikkei +1.29%, Shanghai +1.29%.

Gold prices are up 0.5% trading at $1,337 an ounce. WTI Crude Oil prices continue to climb, up a further 1.0% overnight trading at $64.21 a barrel.

ends

Content Sourced from scoop.co.nz
Original url