MARKET UPDATE 05 – MAY – 17

The US economic calendar seems to be very active this week having the most influence on our Fijian dollar.
Their initial jobless claims reduced from 257K to 238K outperforming consensus of 247K.
The US Unit Labour Cost for the 1st Quarter increased to 3% from 1.3% when it was expected to increase to only 2.5%.
On a 5 day moving average the US currency stands today at 0.4677. When compared to the previous week it has strengthened by 21pts or 4.5%.
Bad news for those making overseas payments in USD this week and those changing their Fijian Dollar to travel there.

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