Scoop has an Ethical Paywall
HiFX Morning Update July 12, 2018
The NZDUSD opens at 0.6765 (mid-rate) this morning.
An escalation in the US China trade war has seen risk sold aggressively with global equity markets commodities and commodity linked currencies all sharply lower.
Yesterday US President Donald Trump ordered US Trade Representative Robert Lighthizer to begin the process of imposing tariffs of 10% on an additional $200 billion of Chinese imports.
Producer prices in the US came in ahead of expectations with the Labour department report showing its producer price index rose by 0.3% in June after climbing by 0.5% in May. Economists had expected prices to inch up by 0.2 percent.
The CAD is trading higher against all its rivals after the Bank of Canada hiked its benchmark rate by a 0.25% for a second time this year. In the accompanying statement the Bank governor said that higher interest rates would be necessary to keep inflation near target.
Crude oil prices are sharply lower after OPEC reported Saudi Arabia's oil production increased by nearly 500,000 barrels per day in June as it ramps up supply to tame the cost of crude.
Global equity markets are sharply lower, - Dow -0.82%, S&P 500 -0.52%, FTSE -1.30%, DAX -1.53%, CAC -1.48%, Nikkei -1.19%, Shanghai -1.76%.
Gold prices are down 1% trading at $1,243 an ounce WTI Crude Oil prices have plummeted, down 4.1% trading at $69.58 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
John Mazenier: Gaffer Tape And Glue Delivering New Zealand’s Mission Critical Services
Earthquake Commission: Ivan Skinner Award Winner Inspired By Real-life Earthquake Experience
Reserve Bank: Consultation Opens On A Digital Currency For New Zealand
NIWA: Ship Anchors May Cause Extensive And Long-lasting Damage To The Seafloor, According To New Research
New Zealand Customs Service: A Step Forward For Simpler Trade Between New Zealand And Singapore
Horizon Research: 68% Say Make Banks Offer Fraud Protection
