EncoreFX’s daily market updates are written by our experienced and professional dealing team.
The New Zealand dollar holds above .6800 after the RBNZ announcement earlier in the week and on much weaker than expected US retail sales
US Retails Sales Plunge to 9-year Low
US Retail Sales released overnight posted its biggest fall in more than 9 years, suggesting a sharp slowdown in the world’s biggest economy. Retail sales fell 1.2% in December vs forecasts of 0.2%, raising concerns the economy may be slowing more than expected and saw the USD fall on the announcement.
Risk Appetite Returns on Better Than Expected Chinese Trade Data
Chinese trade data released with stronger export figures. This is the lunar new year effect with China’s exports rising 9.1%. Additionally, China’s imports fell 1.5% vs expectations of a 10% y/y decline in January with an overall trade surplus of $39.16 billion in January. Risk on sentiment returned to markets supporting the NZD and AUD.
UK PM May’s Brexit Strategy Defeated
Parliament defeated a vote reaffirming support for Mays plan to seek changes to her Brexit deal, showing that lawmakers are a key obstacle to passing any agreement with only 42 days remaining before Britain is due to leave the EU. The pound fell 1% as fears of a no-deal exit increase.
Chinese Inflation released today at 2:30
© Copyright - EncoreFX, 2018.The information in this post is provided for general information purposes only and has been prepared without taking into account any person’s objectives, financial situation or needs and, accordingly, it does not constitute personalised financial advice under the Financial Advisers Act 2008, nor does it constitute advice of a legal, tax, accounting or other nature to any person. Before acquiring any financial services or products from EncoreFX, you should consider the appropriateness of the information having regard to your own objectives, financial situation or needs. We recommend that investors seek advice from their usual adviser before taking any action. EncoreFX (NZ) Ltd is a registered Financial Services Provider (FSP 461386), and is a licensed derivatives issuer under the Financial Markets Conduct Act 2013. EncoreFX (NZ) Ltd has lodged a Product Disclosure Statement (PDS) for each of our derivatives with the Registrar on 21-Dec-2016. A copy of each PDS is available from us or from the Registrar at www.business.govt.nz/disclose.