HiFX Morning Update, January 31 2017

HiFX Morning Update, January 31 2017

The NZDUSD opens at 0.7286 (mid-rate) this morning

Currency markets have been subdued as we approach month end, with investors slow to turn their heads from the protests and unrest brought about by Donald Trump’s immigration executive order.

Overnight the US personal income rose by 0.3% in December after inching up by 0.1% in November. This result fell just short of the 0.4% print economists had been expecting. In contrast the National Association of Realtors reported a stronger than expected pending home sales report for the month of December with the index increasing by 1.6% to 109.0 after falling by 2.5% in November. Economists had expected pending home sales to increase by 0.6%.

The Euro-zone economic confidence index rose to 108.2 in January and is now sitting at its highest level in nearly 6yrs. Economists had expected the index to remain unchanged at 107.8. The result was driven by strong improvements in both industry services and consumer confidence.

The main focus for investors today will be the BOJ’s Monetary Policy Statement while overnight ECB President Draghi is speaking in Frankfurt and the US Conference Board release their consumer confidence report.

Global equity markets are a sea of red - Dow -0.91%, S&P 500 -0.94%, FTSE -0.92%, DAX -1.12%, CAC -1.14%, Nikkei -0.51%, Shanghai Closed.

Gold prices are have edged higher currently up 0.4% $1,196 an ounce, WTI Crude Oil has slipped lower overnight currently down 1.1% at $52.60 a barrel.

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