INDEPENDENT NEWS

HiFX Morning Update, April 11, 2018

Published: Wed 11 Apr 2018 09:38 AM
HiFX Morning Update, April 11, 2018
The NZDUSD opens at 0.7373 (mid-rate) this morning.
Risk appetite improves as trade war concerns ease following comments from Chinese president Xi Jinping.
Late yesterday afternoon Chinese president Xi Jinping promised to open China’s economy further and lower import tariffs on products including cars fuelling optimism that a trade war between China and the US could be averted. Global equity markets along with commodity based currencies have rallied strongly on the news.
Producer prices in the U.S. for the month of March exceeded expectations with the Labour Department report showing the index rose by 0.3% after inching up by 0.2% in February. Economists had expected producer prices to edge up by 0.1 percent. A 2.2% rise in food prices was largely cancelled out by a 2.1% fall in energy prices.
Comments from ECB Governing Council member Ewald Nowotny saw the EUR strengthen against the majors. Mr Nowotny said that the central bank's asset purchase program would exit this year enabling the ECB to gradually hike the deposit rate. Mr Nowotny went on to say that it was too early to tell when the rate hike would be implemented.
Oil prices continue to surge higher with Saudi Arabia rumoured to be targeting oil prices at $80 a barrel in an effort to boost the valuation of its oil giant Aramco ahead of its IPO.
With little in the way of economic data during our trading day, investors will look to tonight’s US inflation report and tomorrow mornings FOMC meeting minutes for direction.
Global equity markets have started the week on the front foot - Dow +1.44%, S 500 +1.58%, FTSE +0.15%, DAX +0.17%, CAC +0.10%, Nikkei +0.51%, Shanghai +0.23%.
Gold prices have edged higher, up 0.3% trading at $1,336 an ounce. WTI Crude Oil prices have surged higher, up 2.3% trading at $63.53 a barrel.
ends
HiFX
International Payments Expertly Done
HiFX is one of the largest foreign exchange and international payment specialists in the world, managing over $30 billion on behalf of over 100,000 clients worldwide every year.
Large enough to undertake the biggest transactions, yet small enough to care about each and every one – send and receive overseas payments and manage your account anytime, anywhere. HiFX gives you the flexibility you need to transfer money quickly and easily via a secure online platform 24 hours a day, seven days a week - making moving money as easy as 1,2,3.
HiFX Ltd ABN 54 106 779 953/ AFSL No 240914
Contact HiFX
Facebook:
Linkedin:
https://www.linkedin.com/company/hifx-new-zealand

Next in Business, Science, and Tech

General Practices Begin Issuing Clause 14 Notices In Relation To The NZNO Primary Practice Pay Equity Claim
By: Genpro
Global Screen Industry Unites For Streaming Platform Regulation And Intellectual Property Protections
By: SPADA
View as: DESKTOP | MOBILE © Scoop Media