HiFX Morning Update July 2, 2018

The NZDUSD opens at 0.76772 (mid-rate) this morning.

The EUR was the strongest performing currency on Friday helped higher after news broke that European Union leaders had reached a hard-fought agreement on migration. The agreement offers respite to German Chancellor Angela Merkel’s coalition government, which had been in danger of falling apart in the event that a deal could not be reached.

The British pound received a boost after a better-than-expected revision to Britain’s Q1 growth. The Office for National Statistics final reading showed gross domestic product increased by 0.2% sequentially in Q1, an upward revision of 0.1% from the previous report.

Personal income in the US increased in line with economist estimates in the month of May, with the Commerce Department reporting personal income climbed by 0.4% following on from a downwardly revised 0.2% result in April. April was originally reported to have increased by 0.2%.

With very little in the way of domestic drivers, investors will look to Friday’s FOMC meeting minutes along with the weekend’s non-farm-payrolls for direction.

Global equity markets finished the quarter in positive territory, - Dow +0.23%, S&P 500 +0.08%, FTSE +0.28%, DAX +1.06%, CAC +0.+91%, Nikkei +0.15%, Shanghai +2.17%.

Gold prices edged higher on Friday up 0.3% closing out the quarter at $1,252 an ounce. WTI Crude Oil prices edged lower on Friday, to close out the quarter at $72.46 a barrel.
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