HiFX Morning Update, February 12 2018

Press Release – HiFX

The NZDUSD opens at 0.7245 (mid-rate) this morning. Currency markets traded tight ranges on Friday as volatile global equity markets continued to take centre stage. US equity markets turned positive on the day as traders reacted to news that lawmakers …HiFX Morning Update, February 12 2018
The NZDUSD opens at 0.7245 (mid-rate) this morning.

Currency markets traded tight ranges on Friday as volatile global equity markets continued to take centre stage.

US equity markets turned positive on the day as traders reacted to news that lawmakers have managed to end a short government shutdown with a bill raising spending caps and funding the government until March 23rd.

The NZD was the strongest performer of the G10 currencies with the British pound the weakest. The GBP fell after the Office for National Statistics reported an increase in the UK’s trade deficit to GBP 13.57b in December from GBP 12.45b in November. Economists had expected a shortfall of GBP 11.55 b.

US wholesale inventories increased by more than expected in December with the Commerce Department report showing wholesale inventories rose by 0.4% in December after climbing by a revised 0.6% in November. Economists had expected inventories to inch up by 0.2%.

Domestically Wednesday’s quarterly Inflation Expectations data release will be key to the NZD’s performance while on Thursday morning the US CPI and retail sales data releases will be key drivers for both the USD and equity markets.

US equity markets had a positive close on Friday , – Dow +1.38%, S&P 500 +1.49%, FTSE -1.09%, DAX -1.25%, CAC -1.41%, Nikkei -2.32%, Shanghai -4.05%.

Gold prices inched lower on Friday, edging down 0.1% closing out the week at $1,315 an ounce, WTI Crude Oil prices fell sharply on Friday, down 3.1%, closing out the week $59.20 a barrel.
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Content Sourced from scoop.co.nz
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