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HiFX morning Update June 25 2018
The NZDUSD opens at 0.6915 (mid-rate) this morning.
The NZD pushed higher throughout our trading day on Friday and managed to hold on to its gains with a lack of US economic data resulting in light trading flows.
The EUR rallied on Friday after the Euro-zone private sector composite output index unexpectedly increasing to 54.8 in June, up from 54.1 in May. Economists had forecast the index to edge down to 53.4.
Trade concerns are likely to continue to dominate markets going in to quarter end with Trump once again active on Twitter, this time announcing he will look to impose the new tariffs on the EU unless the EU removes tariffs and trade barriers placed on the US.
Trump is insisting that the current Tariffs and Barriers that the US companies face when exporting into Europe are “not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the US”
Crude oil prices rocketed higher on Friday after OPEC agreed to raise output by one million barrels a day starting next month but fell short of announcing which countries would be increasing their current production with some economists struggling to see how nations like Nigeria and Libya can lift their current production.
Global equity markets with the exception of the Nikkei rallied on Friday, - Dow +0.49%, S&P 500 +0.18%, FTSE +1.67%, DAX +0.54%, CAC +1.34%, Nikkei -0.78%, Shanghai +0.49%.
Gold prices were flat on Friday having lost 0.6% over the course of the week WTI Crude Oil prices spiked higher on Friday, up 4.6% to close out the week at $67.63 a barrel.
ends
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