HiFX Morning Update, February 13 2017

HiFX Morning Update, February 13 2017

The NZDUSD opens at 0.7185 (mid-rate) this morning.

The NZD continued to trade tight ranges against all its major rivals on Friday evening, still unable to break back above 72 cents against the USD.

Global sentiment improved on Friday as the news broke that Trump spoke on the phone with Chinese President Xi Jinping and agreed to honour the "one China" policy. Renewed optimism about corporate tax reform under President Donald Trump pushed the US equity markets to new highs with the Dow Jones Index peaking just shy of 20,300.

The University of Michigan US consumer sentiment index dropped to 95.7 in February from the final January reading of 98.5. The fall was greater than economists had forecast after the index spiked to its highest level in 12 years in January.

UK industrial production growth for December came in ahead of expectations with Friday’s report showing Industrial output increased by 1.1% m/m compared to the 0.2% increase economists had forecast.

Global equity markets closed out the week broadly higher - Dow +0.48%, S&P 500 +0.35%, FTSE +0.40%, DAX +0.21%, CAC +0.04%, Nikkei +2.49%, Shanghai +0.42%.

Gold prices consolidated on Friday closing out the week unchanged at $1,234 an ounce, WTI Crude Oil gained 1.6% on Friday for a small weekly gain, closing out the week at $53.86 a barrel.

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