HiFX Morning Update August 17

HiFX Morning Update August 17

The NZDUSD opens at 0.6540 (mid-rate) this morning.

After a very volatile week following China’s currency manipulation traders seemed happy to take a breather on Friday and we open this morning little changed from Friday’s close.

Once again U,S data releases sent mixed messages to the market with PPI m/m printing slightly better than economists estimates 0.2% vs. expected 0.1%, while Consumer sentiment in the U.S. unexpectedly slipped falling from 93.1 in July to 92.9 in August, economists had been expecting the index to climb to a reading of 93.5.

Euro-zone GDP slowed slightly in the second quarter, although the yoy GDP growth improved to 1.2% from 1% the annual growth failed to meet economists’ expectations of 1.3% expansion.

The highlight on the domestic data front will be Wednesdays dairy auction.

Global equity markets closed out the week mixed - Dow +0.4%, S&P 500 +0.39%, FTSE -0.27%, DAX -0.27%, CAC -0.61%, Nikkei -0.37%, Shanghai +0.27%.

Gold prices gained 1.9% on the week closing on Friday at $1113.70 an ounce, WTI Crude Oil shed 3.1% on the week to close at $43.87 a barrel.

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