Morning Market Update – NZD gives us a mixed picture

United States API Weekly Crude Oil Stock went up from a previous value of -4.62M to 2.75M. A mixed reaction was seen for the Kiwi with New Zealand Current Account (QoQ) coming in at $0.24B and going below the expected values of $0.922B in the first quarter. New Zealand Food Price Index (MoM) went up from a previous value of -0.8% to 2.4% in May. New Zealand Current Account GDP Ratio was registered at -3.1% and went down below the forecasted values of -2.7% in the first quarter.

South Korea’s Unemployment Rate dropped down to 3.6% in May from a previous value of 4%. Australian Westpac Consumer Confidence came in at -1.8% this month against a previous value of -1.1%. Germany’s Consumer Price Index and Harmonised Index of Consumer Prices shall not see any major changes in the day.

Pound may see a slight dip with the Claimant Count Change at 10K against a previous value of 19K and the average earnings excluding bonus at 2.0%. The Industrial Production (MoM) in the Euro area gave mixed market reactions.

Greenback remains the main focus for the day with the Federal Reserve’s interest rate hike meeting. We should watch out on how the Fed will raise its rates in a period where inflation numbers are weakening.
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