Equity markets have taken it on the chin this week with trade worries and White House drama in the forefront. While the tape has given bulls fits, price action in the S&P is attempting to stabilize at the level in which it broke out on Friday’s jobs data.
The New Zealand dollar will remain in focus after trading on Wall Street ends this evening, as Statistics New Zealand releases the latest growth estimate. The nation’s GDP is expected to have expanded by 0.8% in the fourth quarter of 2017 compared to 0.6% in Q3. If the data beats expectations then the kiwi, which has been outperforming her peers, could further extend its gains.
Gold has now recovered from being negative to close the day higher on three occasions in as many days since Friday. The bulls’ resilience is noteworthy, but not exactly remarkable as there has not been much follow-through yet. Indeed, the metal was trading lower again at the time of this writing.
This was another constructive session for the Euro on disappointing U.S. data and drama in Washington. First, Core CPI was in line with expectations at 0.2% MoM and 1.8% YoY, however, this was slower than January and December.