MARKET UPDATE 20-Jun-18

Last night, the European Central Bank president, Mario Draghi said that the ECB would press ahead with plans to end its quantitative easing programme. This is despite signs of a slowdown in growth, citing substantial” progress towards hitting their inflation target. This saw the EUR loose some grounds against the greenback.

Meanwhile, a quiet offering on the economic data front is likely to keep trade tensions in the spotlight. Their housing starts data release this morning noted a rebound last month to the highest level since 2007. Their Housing starts rose 5% in May.

Meanwhile, New Zealand’s consumer confidence has fallen in June .helped by a cooling housing market and rising fuel costs.

A busy schedule lined up for tomorrow for the traders, as they await to hear from the three powerful central bank heads. Fed Chair Jerome Powell, ECB President Mario Draghi and RBA’s governor Philip Lowe have speeches early tomorrow morning.

FX Rates 20.06.18

 

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