Global Markets:

  • Asian stock markets: Nikkei down 0.30 %, Shanghai Composite fell 0.25 %, Hang Seng rose 0.30 %, ASX 200 gained 0.35 %
  • Commodities: Gold at $1226 (+0.01 %), Silver at $17.30 (-0.20 %), WTI Oil at $48.90 (+0.25 %), Brent Oil at $51.80 (+0.15 %)
  • Rates: German 10 year yield at 0.44, UK 10 year yield at 1.26, US 10 year yield at 2.54

News & Data:

  • NZ ANZ Consumer Confidence (MoM) (Mar): -1.70% (prev -1.00%)
  • NZ ANZ Consumer Confidence Index (Mar): 125.2 (prev 127.4)
  • Wall Street slips with healthcare stocks, Nasdaq flat
  • Oil prices mark time, set for small weekly rise

Markets Update:

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The US Dollar came under further pressure overnight. While the Fed hiked rates on Wednesday, it did not signal that further hikes will follow soon and remained rather cautious. This triggered position covering from USD longs and brought the currency under pressure against most other G10 peers.

EURUSD rallied to 1.0780 overnight. Traders and investors were relieved about the election victory in the Netherlands, and seem now a little bit less worried about the upcoming French elections. This supported the Euro, and it rose against most other major currencies as well.

Meanwhile, the British Pound rallied. Despite the on-going Brexit worries, GBP caught a bid after the BoE meeting. It reached a high of 1.2357 in Asia. Should it break above that resistance level, the next big level to watch is 1.25.

Upcoming Events:

  • 10:00 GMT – Euro Zone Trade Balance
  • 14:15 GMT – US Industrial Production
  • 13:15 GMT – US Manufacturing Production
  • 14:00 GMT – US Michigan Consumer Sentiment

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