HiFX Morning Update, April 26 2018

The NZDUSD opens at 0.7067 (mid-rate) this morning.

The NZD is the worst performer of the G10 currencies in the past 24 hours as the USD continues to strengthen. The NZDUSD fell to a low of 0.7058, a level not seen since January 1st this year.

The sharp rise in the USD over the last 10 days has coincided with a rise in the US 10 year Treasury yield, which finally broke 3% overnight, for the first time in three and a quarter years.

U.S. consumer confidence rebounded in April and new home sales increased more than expected in March, pointing to underlying strength in the economy despite signs that growth slowed in the first quarter. Strong consumer confidence and rising house prices should underpin future consumer spending.

The U.S. Consumer Confidence Index increased to a reading of 128.7 in April, from a downwardly revised 127.0 in March, and a 17-year high of 130.0 in February.

U.S. New Home Sales increased 4.0% to a seasonally adjusted annual rate of 694,000 units in March as sales in the West surged to their highest level in more than 11 months.

U.S. crude oil refinery inputs averaged over 16.6 million barrels per day during the week ending April 20, 2018, 328,000 barrels per day less than the previous week’s average. Refineries operated at 90.8% of their operable capacity last week. U.S. crude oil imports averaged about 8.5 million barrels per day last week, up by 539,000 barrels per day from the previous week. Over the last four weeks, crude oil imports averaged over 8.2 million barrels per day, 1.5% more than the same four-week period last year.

Global equity markets remain mixed: Dow +0.50%, S&P 500 +0.35%, FTSE -0.62%, DAX -1.02%, CAC -0.57%, Nikkei -0.28%, Shanghai -0.35%

Gold prices are down 0.1%, trading at $1,322 an ounce. WTI Crude Oil prices are down 0.5% currently trading at $67.90 a barrel.

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