XE Morning Update - April 17 2019

NZDUSD 0.6758 0.0%
NZDEUR 0.5985 0.1%
NZDGBP 0.5175 0.3%
NZDJPY 75.68 -0.1%
NZDAUD 0.9425 0.0%
NZDCAD 0.9027 -0.2%
GBPNZD 1.9324 -0.3%

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Investors will be looking to this morning’s first-quarter inflation report which will be a crucial piece of the Reserve Bank interest rate jigsaw puzzle, before adding to their positions. The data is due for release at 10:45 with market consensus for a 0.3% increase on the quarter which should produce a 1.7% annualised pace of price growth.

Earlier this morning the latest Global Trade Auction resulted in a 10th consecutive rise in the overall index which is now up 27.85 since 20th November 2018. This morning’s 0.5% increase was largely due to another surge in butter prices.

The Federal Reserve industrial production report for the month of March showed production unexpectedly edged lower, down 0.1% following a 0.1% uptick in February. Economists had forecast production to increase by 0.2%.

The EUR slipped lower overnight following a Reuters report in which ECB policy makers expressed concerns about the accuracy of their growth projections in the second half of 2019. The report said policy makers may need to downwardly revise both their growth and inflation projections citing the current economic slowdown in China and ongoing trade tensions.

Global equity markets have turned positive, - Dow +0.28%, S&P 500 +0.10%, FTSE +0.44%, DAX +0.67%, CAC +0.36%, Nikkei +0.24%, Shanghai +2.39%.

Gold prices are down 0.9% trading at $1,276 an ounce. WTI Crude Oil prices have retraced yesterday’s fall and are currently up 1.1%, trading at $64.24 a barrel.

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