INDEPENDENT NEWS

HiFX morning Update, March 4, 2019

Published: Mon 4 Mar 2019 08:52 AM
The NZDUSD opens little changed at 0.6808 (mid-rate) this morning.
A slew of weaker-than-expected US economic data (consumer sentiment, personal spending & income, manufacturing PMI, manufacturing prices, amongst others) initially weighed on the USD Friday evening. However, the USD bounced back as global equity markets made strong gains and on optimism of a trade deal between China and the USA. The NZDUSD traded in a moderate range to end, more or less, where it started.
NZ’s terms of trade, released Friday morning, fell 3.0% during Q4 2018, due primarily to lower dairy prices. The terms of trade measures the purchasing power of the nation’s exports abroad.
The NZD got a small boost Friday afternoon after the Chinese Caixin/Markit Manufacturing Purchasing Managers’ Index rose more than forecast in February.
Australian home prices continued to slide in February, with data showing prices fell 0.7% nationally in February. Values are down 6.3% over the past 12 months. The Reserve Bank of Australia is concerned that further steep drops could undermine household wealth and spending, thus necessitate a cut in the cash rate.
US President Donald Trump said Saturday evening (US time) that the US dollar is too strong and renewed criticism of the US Fed. He said the Fed’s tight monetary policy was contributing to the strong US$ and damaging the US’s global competitiveness.
There is no data scheduled on the local calendar today.
Global equity markets were higher across the board on the day - Dow +0.4%, S 500 +0.7%, FTSE +0.5%, DAX +0.8%, CAC +0.5%, Nikkei +1.0%, Shanghai +1.8%.
Gold prices are fell 1.2% to USD$1,296 an ounce, while WTI Crude Oil prices plunged 2.3% to US$55.80 per 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

Buy-now, Pay-later Raking In $10m+ In Late Fees Annually
By: Consumer NZ
Catherine Mcgrath Appointed CEO, Westpac New Zealand
By: Westpac New Zealand
AWS To Open Data Centres In New Zealand
By: Amazon Web Services
Surge In Imports Results In Record Monthly Trade Deficit
By: Statistics New Zealand
Fonterra completes reset, announces annual results and long-
By: Fonterra
GDP rises in the June 2021 quarter
By: Statistics New Zealand
National Welcomes Amazon’s Investment In New Zealand’s Digital Future
By: New Zealand National Party
View as: DESKTOP | MOBILE © Scoop Media