HiFX Morning Update, July 14 2017 | Scoop News [PDF]

14 Jul 2017 - Federal Reserve Chair Janet Yellen's prepared testimony for her semi-annual report to Congress made clear

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HiFX Morning Update, July 14 2017

Friday, 14 July 2017, 8:36 am Press Release: HiFX HiFX Morning Update, July 14 2017 The NZDUSD opens at 0.7321 (mid-rate) this morning. The Kiwi was the best performer of the G10 currencies overnight as the market further digests Fed Chair Yellen’s comments from early Thursday morning. Federal Reserve Chair Janet Yellen’s prepared testimony for her semi-annual report to Congress made clear that central bankers are struggling to understand the recent downward trend in inflation. Still, it is important to remember that the path of monetary policy depends not just on inflation, but also on unemployment. The Fed anticipates that low unemployment will push inflation back to its 2% target. Traditionalists at the Fed, including Yellen, believe that if policy makers do not tighten pre-emptively in this environment, unemployment will undershoot its natural rate, pushing inflation above target. Initially the market interpreted her comments as a dovish turn that puts in doubt the Fed’s expected policy path for the remainder of 2017 and in 2018. However, on reflection, the market has considered there will be at least one more hike in the Fed Interest rate in 2017 and 3 in 2018, and for the time being has sold the USD. In the week ending July 8, the U.S. advance figure for seasonally adjusted initial claims was 247,000, a decrease of 3,000 from the previous week's revised level. The U.S. Producer Price Index for final demand increased 0.1% in June, seasonally adjusted. Final demand prices were unchanged in May and rose 0.5% in April.

The U.S. Monthly Treasury Statement showed a deficit of USD 90.2 Billion. Data releases overnight for the U.S. tonight include CPI, Core CPI, Retail Sales, Capacity Utilizaton Rate, Industrial Production, Business Inventories, Preliminary University of Michigan Inflation Expectations and Consumer Sentiment, and Industrial Production. Global equity markets are higher except the UK: Dow +0.06%, S&P 500 +0.17%, FTSE -0.05%, DAX +0.12%, CAC +0.25%, Nikkei -+0.01%, Shanghai -+0.64% Gold prices have are down $2 or 0.2% overnight trading at $1,218 an ounce. .WTI Crude Oil prices are up 0.7% trading at $46.02 a barrel. ends © Scoop Media

HiFX International Payments Expertly Done HiFX is one of the largest foreign exchange and international payment specialists in the world, managing over $30 billion on behalf of over 100,000 clients worldwide every year. Large enough to undertake the biggest transactions, yet small enough to care about each and every one – send and receive overseas payments and manage your account anytime, anywhere. HiFX gives you the flexibility you need to transfer money quickly and easily via a secure online platform 24 hours a day, seven days a week - making moving money as easy as 1,2,3. HiFX Ltd ABN 54 106 779 953/ AFSL No 240914 Contact HiFX Website - www.hifx.co.nz About - HiFX International Payments Link - Live Rates (Interbank Exchange Rates) Marketwatch - Latest Market briefings Register - Personal Account Setup Register - Business Account Setup Linkedin Facebook Business Headlines | Sci-Tech Headlines

BUSINESS, SCIENCE & TECH StuffMe: Commerce Commission Welcomes Dismissal Of Merger Appeal In a summary of their judgment released today, Justice Dobson and lay member Professor Martin Richardson dismissed the appellants’ process criticisms and found the Commission was entitled to place significant weight on the prospect of reduced quality of the products produced by the merged entity. More>> ALSO: NZ High Court - Results Judgment: NZME merger appeal dismissed BusinessDesk - NZME, Fairfax reviewing rejected merger appeal - High Court rejects NZME/Fairfax NZ appeal Digital Futures: New Chief Technology Officer Role Created Communications Minister Clare Curran has called for expressions of interest for the new role of Chief Technology Officer position to help drive a forward-looking digital agenda for New Zealand. More>> Dry: Beef + Lamb Launches Drought Resources The resources include a fact sheet outlining strategies to manage and mitigate the effects of drought, coping with stress on the farm and advice on feed requirements and animal welfare during the dry period. More>> ALSO: Image Out-Link - NIWA's Hotspot Watch for 14 December 2017 | NIWA National - Minister silent while farmers wilt Westpac - Westpac NZ Offers Relief to Farmers Affected by Drought MetService - Fronts and fine weather in the mix Insurance Council - 2017 Worst Year on Record for Weather-Related Losses InternetNZ: Net Neutrality Failure In US "Will Hurt All Users" InternetNZ Chief Executive Jordan Carter has condemned the decision by the United States communications regulator to undo 2015 open Internet rules, warning that all Internet users will end up worse off as a result. More>> ALSO: Image Out-Link - May - These are the arguments against net neutrality and why they’re wrong | TechCrunch March Digitl - Net neutrality in New Zealand Submit News / Press Releases

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