HiFX Morning Update September 18, 2017
opens at 0.7282 (mid-rate) this morning.
Disappointing US economic data releases has seen the USD
slump against all its rivals, with the GBP once again the
strongest performer as investors continue to price in an
expected interest rate hike from the BOE. Improving global
sentiment has led to JPY weakness as risk traded currencies
US retail sales and industrial
production data releases for the month of August fell short
of economists’ estimates with retail sales decreasing by
0.2% following a downwardly revised 0.3% gain in July. The
report had been expected to show a 0.15 increase following
July’s previously reported 0.6% gain. Industrial
production for the same period declined by 0.9% with
Hurricane Harvey the main contributor to the fall. The
forecast was for a slight increase of 0.1% following
July’s 0.4% gain.
Election polls as well as
Thursday’s quarterly GDP data release are the key domestic
drivers for the NZD this week, while Thursday’s monetary
policy statements from the Federal Reserve and the BOJ along
with tomorrows RBA monetary policy meeting minutes are
likely to dictate direction.
Global equity markets
closed out the week mixed – Dow +0.29%, S&P 500 +0.18%, FTSE
-1.10%, DAX -0.17%, CAC Closed%, Nikkei +0.52%, Shanghai
Gold prices dipped 0.2% on Friday closing
out the week at $1,319 an ounce, for a weekly loss of 1.8%.
WTI Crude Oil prices gained 1.1% on Friday pushing prices up
to $49.89 a barrel, for a weekly gain of
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